Supreme Court Warns Supertech To Return Money To Homebuyers By Jan 17 Or Face Jail

Supreme Court on Wednesday warned real estate firm Supertech to return money to homebuyers by January 17 for flats to be demolished in its 40-storeyed Emerald Court twin tower project or face jail.

The top court taking a critical view of the matter, slammed Supertech directors over non-payment to homebuyers for the flats which are being demolished in the twin tower project.

"We will send your directors to jail now! They are playing truant with the Supreme Court," Justice D Y Chandrachud said while hearing the matter.

"Interest cannot be charged on Return of Investment! You are looking for all sorts of reasons to not comply with the order of the court," he told the builder's lawyers.

Justice Chandrachud directed Supertech to ensure that the payments are made by Monday (January 17) and warned that if it is not done then Supertech will have to face consequences.

The Supreme Court also asked Noida Authority to finalise the name of the agency which would be given the task to demolish twin towers of Supertech Emerald Court housing project.

Justice Chandrachud directed the authority to respond on January 17.

The top court had ordered demolition of the twin towers in August last year.

The bench headed by Justices D Y Chandrachud A S Bopanna was hearing contempt pleas by the home-buyers, alleging that while, on the one hand, Supertech invited them to collect their money, on the other, when they approached the company, they were told that the money would be paid back in installments together with certain deductions which were not indicated by the Court.

The bench also told Supertech not to make deductions in the money to be refunded, which have not been ordered by the Court.

The three-month demolition deadline for the 40-storeyed twin towers in Noida is over but the demolition is yet to take place.

On August 31, 2021, the Supreme Court had directed Supertech to demolish the twin towers within three months and gave directions to prosecute Noida officials involved in approving maps and building plans in violation of norms.