Senior Advocate S.K., representing the then Management of Supertech Ltd. Ganesh said that several rounds of meetings have been held with the bank so far and more meetings are likely to be held to resolve the outstanding balance dispute.
The Supreme Court was informed on Friday that real estate firm Supertech Ltd does not have sufficient funds to process refunds to home buyers who had bought apartments in its 40-storey twin towers located in Noida and were soon to be demolished. . In August last year, the top court had ordered the demolition of the twin towers and ordered refunds to home buyers who had bought apartments.
Justice Friend Gaurav Agrawal submitted before a bench headed by Justice DY Chandrachud that the real estate firm does not have sufficient funds to process refunds to home buyers. Supertech’s counsel argued that it has negotiated with financial creditor Union Bank of India to resolve the dispute regarding payment of dues. A bench of Justice Surya Kant told Agarwal that home buyers would have to find some way to get the refund.
Aggarwal said that as per the Interim Resolution Professional (IRP), there is not enough amount in the accounts of the company for refund. He said there are 107 home buyers who are yet to get the refund and a report has been filed in a sealed cover as per the court’s direction. The top court was informed that the former management of the firm has moved the National Company Law Appellate Tribunal (NCLAT) against the corporate insolvency resolution process and the matter is listed on May 17.
Senior Advocate S.K., representing the then Management of Supertech Ltd. Ganesh said that several rounds of meetings have been held with the bank so far and more meetings are likely to be held to resolve the outstanding balance dispute. Aggarwal said that if the issue with the financial creditor is resolved, the status of 107 home buyers out of over 711 home buyers will be back to what it was before the insolvency process began. The top court has fixed the matter for next hearing on May 18.
On April 4, the Supreme Court said it would protect the interests of Supertech’s 40-storey twin tower home buyers in the wake of the appointment of an IRP in insolvency proceedings against the real estate firm. The top court directed them to file their claims for refund of payment by April 15. The realty firm had informed the apex court that it would file an appeal against the order of the National Company Law Tribunal (NCLT) on a plea filed by Union Bank of India for non-payment of about Rs 432 crore. of the outstanding amount. A note submitted by Agarwal in the apex court said: “As per the information furnished by Supertech Ltd, out of 711 customers/units, the claims of 652 units/customers are settled/paid. 59 home buyers are yet to The amount has to be refunded. The principal outstanding will be Rs 14.96 crore.”
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