Supertech doesn't have money to refund homebuyers, SC told

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New Delhi, May 7

Beleaguered real estate major Supertech does not have sufficient funds to refund the money paid by homebuyers’ of the Emerald Court twin towers in Noida ordered to be demolished by the Supreme Court, amicus curiae Gaurav Agarwal has said.

Agarwal told a Bench led by Justice DY Chandrachud on Friday that the company was in talks with Union Bank of India to resolve the dispute over the payment of dues. He filed a sealed cover report containing a separate list of 107 homebuyers who were yet to be refunded.

“The Interim Resolution Professional has stated in the report that there are no sufficient funds in the accounts of the company to be paid to the homebuyers of the twin towers,” the amicus curiae said.

The Bench said a way out has to be found to pay the homebuyers and posted the matter for further hearing on May 18.

The Supreme Court had on August 31, 2021, ordered demolition of real estate major Supertech’s 40-storey Emerald Court twin towers in Noida for violation of building laws and norms in collusion with Noida authority officials. It had directed Supertech to refund the money collected from homebuyers who had purchased apartments in ill-fated twin towers in two months with an annual interest of 12 per cent. It also ordered the company to pay a cost of Rs 2 crore to the petitioner Resident Welfare Association.