SC directs Supertech to deposit Rs 5 crore within four weeks

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sink-or-die-investors-need-to-be-paid-back-sc-to-supertech

   The Supreme Court on May 15, directed realty firm Supertech Ltd to deposit Rs 5 crore more within four weeks to refund to the homebuyers who have taken loan from banks and opted out of its building project in Noida.

   A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud considered the submission of lawyer Gaurav Agrawal, who is assisting it as an amicus curiae, that the money to the tune of Rs 10.40 crore, which was lying with the apex court registry, should be utilised to pay back the homebuyers in its Emerald Towers project.

   “It is submitted by Gaurav Agrawal, amicus curiae, that the amount lying in deposit may be released in favour of the home-buyers subject to the undertaking by them that they will pay to the bank and get the original documents released, so that the same can be given back to the appellant-developer”.

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source: Economic times.

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