Lawstreet Journal

End of Supertech Dispute: SC Orders Payment To Homebuyers By 28 Feb

Lawstreet Journal 4 Feb 2022 6:04pm

Image courtesy: Lawstreet Journal Judiciary End of Supertech Dispute: SC Orders Payment To Homebuyers By 28 Feb

Supreme Court puts an end to the dispute with respect to the settlement between home buyers and Supertech. Court accepts the report of Amicus Curiae Gaurav Agarwal in the following terms.

1) Payments due to the home buyers should be paid by developers before 28th Feb 2022.

2) In those cases where home loans are outstanding; the developers shall clear loans by 31st March. 

3) In the case of homebuyers who have received payments, terms should not be disturbed.

The matter pertaining to demolition will be taken up on Monday (7th February 2022).

Background: 

On October 2, 2021, the Supreme Court denied Supertech's application to save one of the two 40-story towers in its Emerald Court project in Noida, which had been ordered to be demolished due to grave violations. 

On August 31, a Supreme Court bench led by Justice Dhananjaya Y Chandrachud issued an order to demolish the towers in Noida's Sector 93A. The top court stated in its order that it was the result of “nefarious complicity” between Noida Authority and the real estate developer. 

Supertech later petitioned the Supreme Court to halt the demolition, claiming that it has an alternative plan that could save several crores of rupees and be “beneficial to the environment.”                       

The Uttar Pradesh government formed a special investigation team (SIT) two days after the Supreme Court issued the demolition order, which found 26 Noida Authority officials guilty in the case. Twenty of them have retired, two… Continue Reading...


Tagged: Supertech  
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