Pinnacle Court orders Noida Supertech towers for non-payment to home buyers

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The Top Court today ordered real estate developer Supertech over non-payment to the home buyers for flats which were ordered to be demolished.

A bench headed by Justice DY Chandrachud told Supertech to keep their office in order and to make the payment to home buyers by January 17. It said that no amount should be deducted while giving back the money.

DY Chandrachud said that "We will send your directors to jail now! They are playing truant with the Supreme Court!... Interest cannot be charged on Return of Investment! 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!".

Homebuyers alleged that Supertech invited them to collect their money. However, when they approached the company, they were told that the money would be paid back in installments together with certain deductions which were not indicated by the court.

The top court further asked Noida Authority to finalise the name of the agency that would be given the task to demolish the twin towers of the Supertech Emerald Court housing project.

The Court also asked Noida Authority to finalise the agency to be entrusted with the task of demolition of the twin towers in the Noida Emerald Court housing project. It directed the authority to respond on January 17.

The Court also directed the builder to pay a cost of Rupees 2 crores to the Resident Welfare Association.

This order had come on a batch of petitions filed by homebuyers for and against the April 11, 2014 verdict of the Allahabad High Court, which had ordered the demolition of the two buildings within four months and the refund of money to apartment buyers.

"The record of the case is replete with instances which show collusion of Noida authority with the builder...Collusion is writ large in the case. The High Court has correctly observed this collusion aspect", Justice Chandrachud read out the excerpts from the judgment.

Finally today withIn a huge relief to the home buyers, the Supreme Court on Wednesday directed real estate firm Supertech to return money to them (home buyers) by January 17.