Supreme Court authorizes payment of Rs 1 Crore to 15 homebuyers; Directs Builder IRP to scout Rs 1 Crore more


The Supreme Court on Friday ordered the payment of Rs. One crore which was lodged by the Interim Resolution Professional (IRP) of Supertech Ltd with the Registry of Apex Court as per order dated 26.08.2022. It was ordered that the amount be distributed to the 15 candidates on a pro rata basis.

On 26.08.2022, the Apex Court had requested the IRP to deposit an amount of Rs One Crore with the Registry of the Supreme Court by 30.09.2022. On Friday, the Amicus Curiae, Mr Gaurav Agarwal informed the Court that the money had been deposited and suggested that it be disbursed.

Earlier, the Court had asked Mr. Agarwal and the IRP to jointly determine the homebuyers’ unpaid dues and submit the details before the next court date so that directions on the disbursement of said fund can be issued. On reading the details provided by the Amicus on Friday, the formation comprising Judges DY Chandrachud and Hima Kohli directed the IRP to deposit another Rs. One crore with its register no later than 08.12.2022. Upon deposit, the money must be distributed to the 15 candidates on a pro rata basis.

The bench further noted that the disbursement should be made to homebuyers strictly on the covenant that if there is an outstanding loan, the amount will be used to pay it.

The IRP attorney informed the panel that the National Company Law Appellate Tribunal, while placing the IRP in charge of the company, ordered that 70% of the revenue generated be used for construction purposes and 30% for meeting purposes. administrative expenses. In view of the same, he asked the House to put in his order that the money should be paid from the account of the debtor company. Accordingly, the Chamber noted –

“The amount must be paid under the above conditions by the IRP to the account of the debtor company.”

The bench was considering a motion for contempt brought by the Supertech apartment buyers alleging failure to comply with the order to reimburse the apartment buyers pursuant to the main judgment of August 31, 2021, in which the Apex court ordered the demolition of the company’s twin towers for violation of building regulations.

[Case Title: Chandrani Banerjee v. R.K. Arora And Ors. CONMT.PET.(C) No. 151/2022 in C.A. No. 5041/2021]


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