Pay ~50 mn more to refund homebuyers, SC tells Supertech

The Supreme Court on Tuesday directed realty firm Supertech to deposit ~50 million more within four weeks to refund to the homebuyers who have taken loan from banks and opted out of its building project in Noida area of Uttar Pradesh.

A Bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud considered the submission of lawyer Gaurav Agrawal, who is assisting it as an amicus curiae, that the money to the tune of ~104 million, which was lying with the apex court registry, should be utilised to pay back the home buyers in its Emerald Towers project comprising two 40-storey residential buildings.

“It is submitted by Gaurav Agrawal, amicus curiae, that the amount lying in deposit may be released in favour of the homebuyers subject to the undertaking by them that they will pay to the bank and get the original documents released, so that the same can be given back to the appellant-developer. In view of the aforesaid, it is directed that the homebuyers shall file affidavits before the registry of this court to the effect that they shall pay the amount to the concerned bank(s) from which they have availed loan and submit the documents with Agrawal, who in turn, shall give them back to... the appellant- developer,” the Bench said.

It considered the submission of Shoeb Alam, one of the counsel for the hassled customers, that the refund be termed as compensation, otherwise the recipients would be levied income tax on the refund. The court accepted the plea.