Supreme Court directs Supertech Builders to deposit Rs 1 cr, allows disbursal of amount already deposited by the builder to homebuyers

The Supreme Court has directed the Interim Resolution Professional (IRP) of Supertech Builders Ltd to deposit Rs one crore with the Registry on or before December 8, while permitting disbursal of the like amount already deposited by the builder, to 15 applicants on a pro rata basis.

The Bench of Justice D.Y. Chandrachud and Justice Hima Kohli passed the order on a contempt petition filed by flat buyers of Supertech, alleging that despite its August 31, 2021 verdict, wherein the Supreme Court had ordered the demolition of the company’s twin towers for violation of building rules and refund to the homebuyers, the builder had failed to release the refund amount.

The Apex Court had ordered the IRP of Supertech Ltd on August 26 this year to deposit Rs one crore with the Registry before September 30.

The top court of the country had then asked the Amicus and the IRP to jointly work out the outstanding dues of the homebuyers and submit the details before the next date of hearing, so that directions on disbursement of the said fund could be issued.

As per an earlier order of the Supreme Court, the disbursal was to be made to the homebuyers strictly in pursuance of the undertaking that if there was any outstanding loan, the amount shall be utilised for paying the same.

According to the Counsel for IRP, the National Company Law Appellate Tribunal had made the IRP as in-charge of the company and directed that 70 percent of the revenue generation should be utilised for the purpose of construction and remaining 30 percent for meeting the administrative expenses. 

In view of the same, the Counsel requested the Apex Court to record in its order that the money has to be paid from the corporate debtor’s account.

The Bench then ordered that the amount would be paid in above terms by IRP out of the account of the Corporate Debtor.

(Case title: Chandrani Banerjee vs RK Arora)