After SC’s jail warning Supertech starts returning money to its home buyers

After SC’s jail warning Supertech starts returning money to its home buyers

After SC’s jail warning Supertech starts returning money to its home buyers

Edifice Engineering to demolish two 40-storeyed Emerald Court towers

New Delhi, Jan. 18 (Delhi Crown): Barely a week after the Supreme Court warned its directors of jail for contempt, real estate giant Supertech has started coughing up money to its home-buyers.

Supertech has informed the apex court that they worked out the amount payable to the contempt petitioners and forwarded the cheques for the same to the Amicus Curiae last weekend itself.

It was further told to the court that if they receive the particulars of bank accounts of the home-buyers, they will make RTGS remittances of the admitted amounts on Tuesday (Jan. 18), and that such reimbursement would be without prejudice to the rights and contentions of the home-buyers in the contempt proceedings.

An SC bench headed by Justices D.Y. Chandrachud was hearing contempt pleas by the home-buyers, alleging that while, on the one hand, Supertech invited them to collect their money, on the other, they were told that the money would be paid back in instalments together with certain deductions which were not indicated by the Court.

“We worked out the amount payable and forwarded the cheques, along with the calculations, to the Amicus on Saturday for each of the home-buyers in the contempt petitions. The Amicus said that there is some difference between our calculations and the calculations of the flat-buyers and the amicus…If they give us particulars of bank accounts of the flat-buyers, we will make RTGS remittances tomorrow only,” advanced the advocate appearing for Supertech.

The SC bench stated – “The admitted amounts which are due and payable according to Supertech may be encashed by the flat buyers without prejudice to the rights and contentions in the contempt proceedings. They may provide their RTGS details so as to facilitate electronic transfer of funds.”

The Noida authority also informed the Court on Monday that one Edifice Engineering has been chosen to carry out the demolition of the two 40-storeyed towers of Supertech Emerald Court. The court has directed Supertech to execute within 1 week the contract with the company to demolish its towers.

The Supreme Court on last Wednesday had pulled up real-estate giant Supertech for failure to reimburse home-buyers of flats in the 40-storey twin towers in Noida, the demolition of which was directed by the Court in August last year.

“We will send your directors to jail now! They are playing truant with the Supreme Court!…Interest cannot be charged on ROI! You are looking for all sorts of reasons to not comply with the order of the court. Ensure that the payments are made by Monday, else there would be consequences!”, Justice Chandrachud had told the Advocate appearing for Supertech.

The work of demolition shall be carried out under the overall supervision of Central Building Research Institute (CBRI). In the event that CBRI expresses its inability to do so, another expert agency shall be nominated by NOIDA. The cost of demolition and all incidental expenses including the fees payable to the experts shall be borne by the appellant (Supertech).

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