Khushi Doshi
Published on: April 5, 2022 at 15:25 IST
Supertech’s former Management told the Court that the Current Proceedings against the Company, as well as the razing of the twin towers in accordance with the Supreme Court’s August 31, 2021 Order, will leave the Demolition Process ‘Untouched’.
The Supreme Court said that it will shield the interests of homebuyers in Supertech’s to-be-razed twin towers in Noida’s Emerald Court project from the ongoing Insolvency Proceedings against the Company, and that the Interim Resolution professional will deal with the Refund Claims of the buyers and the Creditors separately.
The Court’s Decision came as a huge relief to homebuyers whose money had been frozen after the National Company Law Tribunal initiated Insolvency Proceedings against Supertech on March 25 in Response to a Plea by Union Bank of India over unpaid loans totalling over 400 Crores.
The National Company Law Tribunal appointed Hitesh Goel as Interim Resolution Professional (IRP) to manage the Company’s Affairs, despite Supertech’s claim that it was in the process of Filing an Appeal with the National Company Law Appellate Tribunal.
Advocate Rishabh Parikh, representing the Interim Resolution Professional, informed the Court that the portal set up to receive claims from Financial Creditors included a separate tab for twin tower homebuyers.
The former management, represented in Court by Senior Advocate S Ganesh, stated that the company was eager to settle all refund claims but was unable to do so because the necessary paperwork pertaining to No Objection Certificates from banks was not available prior to the National Company Law Tribunal Order.
The twin towers are expected to be demolished by May, as Supertech has already retained the Services of Edifice Engineering.
The Allahabad High Court issued the Demolition Order for the twin towers in April 2014. The Supreme Court upheld the Hight Court Verdict and Ordered Compensation in response to Supertech’s Appeal. While most homebuyers who initially booked flats either received a refund or shifted to other Supertech projects, only 252 homebuyers remained with the project.
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