Lawstreet Journal

'Will Protect Homebuyers' Interest’: Supreme Court Asks Supertech’s Irp To Segregate Homebuyers' Claims From Other Creditors

Lawstreet Journal 6 Apr 2022 1:12am

Image courtesy: Lawstreet Journal Judiciary 'Will Protect Homebuyers' Interest’: Supreme Court Asks Supertech’s Irp To Segregate Homebuyers' Claims From Other Creditors

On being told that the Supertech Ltd - whose twin towers in Noida were ordered to be demolished for violation of building rules - was undergoing insolvency, the Supreme Court April 4 , 2022 , Monday directed the Interim Resolution Professional(IRP) to segregate the claims of unpaid homebuyers from other creditors. 

The erstwhile management of Supertech Limited on Monday told the Supreme Court on Monday  that only 59 homebuyers out of 711 have to be refunded in because  of the  Supreme Court order dated August 31, 2021 by which the demolition of the twin towers was ordered. 

The submission was made before a bench of Justices DY Chandrachud and Surya Kant in a contempt petition filed by the Flat buyers, alleging non-compliance of directions to pay refund to the flat buyers.

Senior Advocate S Ganesh, representing the developer, informed the court that the insolvency resolution procedure against Supertech had begun. He further referred the NCLT's March 25, 2022 order, asserting that the developer had settled 652 out of  711 claims, only 59 were remaining  to be settled . He also asked the court to segregate the homebuyers' claims from other creditors.

"I don't want CIRP proceedings to stand in the way. This is an appropriate case to exercise powers under Art 142 [1]as all these claims emanate from the judgment dated August 31, 2021 and its a direct consequence. Only quantication has been delayed. Some of them, despite repeated contacts, have not gotten back to us. The… Continue Reading...

Tagged: Supertech   Supreme Court of India  
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