Sink or die but refund money, SC to Supertech

NEW DELHI: “Whether you sink or die, we are not concerned,” the Supreme Court said on Tuesday, issuing a stern warning to Supertech, asking it to refund money to

NEW DELHI: “Whether you sink or die, we are not concerned,” the Supreme Court said on Tuesday, issuing a stern warning to Supertech, asking it to refund money to the 17 home buyers who are no longer keen to hold on to their flats at the Emerald Towers project in Noida.

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“You will have to pay back the money to home buyers. We are least bothered about the financial status,” a bench headed by Justice Dipak Misra told the realty firm.

Its advocates pointed out that the builders did not have funds to pay back the consumers

he SC directed the company to pay 10 per cent per month of the invested amount from January 5, 2015 to the buyers within four weeks.

The 17 have filed a petition before the court, complaining that Supertech refused to refund the money.

The company will have to submit a chart of payments to the court before the next hearing, which is October 25.

Senior advocate Rajeev Dhawan, appearing for Supertech, said the SC cannot “act like a banker” and has to follow principle of equality.

“Not all home buyers are against us and some of them have even supported the firm and filed an appeal against the High Court order,” Dhawan said.

“There is a difference between Unitech’s case and us. They did not have a building while we have a building and funds invested with us have been used for construction of structure,” Dhawan argued, attempting to convince the court.

He informed the bench of the 628 persons, 274 had been given alternate arrangements. Seventy-four had asked for re-investment and 108 have sought a refund.

The top court gave more time to the National Buildings Construction Corporation (NBCC) to submit its report on the whether the two 40-storey buildings were built in the green area violated the sanction plan.

The NBCC will have to visit the site to give the report.

The Allahabad High Court had on April 11, 2014 ordered the demolition of the residential twin towers -- Apex and Ceyane and directed Supertech to refund the money with 14 per cent interest in three months.

The two towers, have 857 apartments, of which about 600 flats have already been sold.

The Supreme Court had, on February 16 last, directed Supertech to refund money to the flat owners, saying, “developers can’t take investors for a ride.”