Tag: Twin towers

  • Supreme Court says flat buyers of Supertech’s twin towers will be refunded in full

    By PTI

    NEW DELHI: The Supreme Court on Friday assured the home buyers of the to-be-razed 40-storey twin-towers of real estate firm Supertech in Noida that they will be refunded the full amount deposited with the builder. 

    The apex court also asked the Interim Resolution Professional (IRP) of the firm, facing insolvency proceedings, to deposit Rs one crore with the apex court registry.

    The Supertech’s 40-storey twin towers at Emerald Court Project of Sector 93A of Noida are scheduled to be razed on August 28.

    A bench of Justices DY Chandrachud, AS Bopanna, and JB Pardiwala said that the home buyers of twin powers will get their total refund but for the time being, they will be paid from Rs one crore, which will be deposited by the IRP by September 30.

    The top court was hearing a batch of contempt petitions filed by home buyers seeking a refund as per the last year’s order of court.

    The bench said that it would ensure that the home buyers of the twin towers get their refund in compliance with the August 31, 2021 order of the court.

    “In the meantime, in order to ensure that the home buyers who are covered by the judgement of this court get some refund of their outstanding dues, we direct the IRP to deposit an amount of Rs one crore with the registry of this court on or before September 30”, it said.

    ALSO READ | Demolition preparation of Noida’s Supertech twin towers complete

    The bench said that amicus curiae Gaurav Agarwal, will sit together with the IRP in the first week of October and jointly work out the outstanding dues of the home buyers and submit the details before the next date of hearing so that disbursement of some amount could be made to the hassled home buyers.

    “The amicus and the IRP would jointly work out the outstanding dues of the home buyers, who have approached the court and submit their details on the next date of listing so that directions can be issued for the disbursement of the fund,” it said.

    The bench noted the submission of Agarwal that at present the corporate insolvency resolution process of the company is confined to only the Supertech Eco Village Project and the National Company Law Appellate Tribunal (NCLAT) has 70 per cent of the revenue of the company will be used for completing the construction of stalled projects and 30 per cent could be used for other administrative purposes.

    It said that in the first week of October, the amicus should hold a meeting with the IRP to ascertain, how much expenses are needed for the completion of stalled projects, how much the revenue, how much the expenses, and the schedule with which the entire outstanding of the home buyers could be cleared.

    The bench said that a report should be filed by the amicus in this regard by the next date of hearing.

    At the outset, Agarwal said that he had discussions with the IRP, who has been placed in charge of the affairs of the company and has come to know about the monthly revenue of the firm.

    The amicus said that Supertech Ltd has an inflow of Rs 20 crore per month of which Rs 15 crore goes towards the construction of the stalled project and five crores are there for meeting administrative expenses.

    He said that the IRP has assured that he will deposit Rs one crore by September 30 with the apex court registry, which is the amount diverted from the Rs five crore administrative expenses for payment of refund to the home buyers of twin-towers.

    Counsel for home buyers said that till now they have uncertainty over payment of the refund by Supertech and hence court should mention that they will be paid in full but in installments, looking at the circumstances.

    The bench assured them that they will be paid in full but it needs to balance the rights of everybody and hence after the report of amicus comes in October, it will fix a schedule for payment of the outstanding.

    ALSO READ | ‘No fly zone’ for drones on August 28; mixed feelings among residents

    The top court had earlier directed the IRP to segregate the claims of home buyers from other creditors and make an endeavour for payment of their refunds on priority in compliance with the order of the court.

    The erstwhile management of Supertech had earlier told the top court that only 59 home buyers are left to be refunded, while the rest of them have been refunded or shifted to other flats of the company.

    On August 12, the top court fixed August 28 for the demolition of Supertech’s twin 40-storey towers and also relaxed the time frame till September 4 in case of delays arising from technical or weather conditions.

    The apex court had earlier fixed August 21 as the date of demolition of the buildings, which have been held illegal for a violation of norms.

    Earlier, the National Company Law Tribunal (NCLT) had declared it bankrupt on a plea filed by the Union Bank of India for non-payment of around Rs 432 crore worth of dues.

    On August 31 last year, the top court ordered the demolition of the towers under construction within three months for violation of building norms in “collusion” with NOIDA officials, holding that illegal construction has to be dealt with strictly to ensure compliance with the rule of law.

    The top court had directed that the entire amount of home buyers be refunded with 12 per cent interest from the time of the booking and the RWA of Emerald Court project be paid Rs 2 crore for the harassment caused due to the construction of the twin towers, which would have blocked sunlight and fresh air to the existing residents of the housing project adjoining the national capital.

    NEW DELHI: The Supreme Court on Friday assured the home buyers of the to-be-razed 40-storey twin-towers of real estate firm Supertech in Noida that they will be refunded the full amount deposited with the builder. 

    The apex court also asked the Interim Resolution Professional (IRP) of the firm, facing insolvency proceedings, to deposit Rs one crore with the apex court registry.

    The Supertech’s 40-storey twin towers at Emerald Court Project of Sector 93A of Noida are scheduled to be razed on August 28.

    A bench of Justices DY Chandrachud, AS Bopanna, and JB Pardiwala said that the home buyers of twin powers will get their total refund but for the time being, they will be paid from Rs one crore, which will be deposited by the IRP by September 30.

    The top court was hearing a batch of contempt petitions filed by home buyers seeking a refund as per the last year’s order of court.

    The bench said that it would ensure that the home buyers of the twin towers get their refund in compliance with the August 31, 2021 order of the court.

    “In the meantime, in order to ensure that the home buyers who are covered by the judgement of this court get some refund of their outstanding dues, we direct the IRP to deposit an amount of Rs one crore with the registry of this court on or before September 30”, it said.

    ALSO READ | Demolition preparation of Noida’s Supertech twin towers complete

    The bench said that amicus curiae Gaurav Agarwal, will sit together with the IRP in the first week of October and jointly work out the outstanding dues of the home buyers and submit the details before the next date of hearing so that disbursement of some amount could be made to the hassled home buyers.

    “The amicus and the IRP would jointly work out the outstanding dues of the home buyers, who have approached the court and submit their details on the next date of listing so that directions can be issued for the disbursement of the fund,” it said.

    The bench noted the submission of Agarwal that at present the corporate insolvency resolution process of the company is confined to only the Supertech Eco Village Project and the National Company Law Appellate Tribunal (NCLAT) has 70 per cent of the revenue of the company will be used for completing the construction of stalled projects and 30 per cent could be used for other administrative purposes.

    It said that in the first week of October, the amicus should hold a meeting with the IRP to ascertain, how much expenses are needed for the completion of stalled projects, how much the revenue, how much the expenses, and the schedule with which the entire outstanding of the home buyers could be cleared.

    The bench said that a report should be filed by the amicus in this regard by the next date of hearing.

    At the outset, Agarwal said that he had discussions with the IRP, who has been placed in charge of the affairs of the company and has come to know about the monthly revenue of the firm.

    The amicus said that Supertech Ltd has an inflow of Rs 20 crore per month of which Rs 15 crore goes towards the construction of the stalled project and five crores are there for meeting administrative expenses.

    He said that the IRP has assured that he will deposit Rs one crore by September 30 with the apex court registry, which is the amount diverted from the Rs five crore administrative expenses for payment of refund to the home buyers of twin-towers.

    Counsel for home buyers said that till now they have uncertainty over payment of the refund by Supertech and hence court should mention that they will be paid in full but in installments, looking at the circumstances.

    The bench assured them that they will be paid in full but it needs to balance the rights of everybody and hence after the report of amicus comes in October, it will fix a schedule for payment of the outstanding.

    ALSO READ | ‘No fly zone’ for drones on August 28; mixed feelings among residents

    The top court had earlier directed the IRP to segregate the claims of home buyers from other creditors and make an endeavour for payment of their refunds on priority in compliance with the order of the court.

    The erstwhile management of Supertech had earlier told the top court that only 59 home buyers are left to be refunded, while the rest of them have been refunded or shifted to other flats of the company.

    On August 12, the top court fixed August 28 for the demolition of Supertech’s twin 40-storey towers and also relaxed the time frame till September 4 in case of delays arising from technical or weather conditions.

    The apex court had earlier fixed August 21 as the date of demolition of the buildings, which have been held illegal for a violation of norms.

    Earlier, the National Company Law Tribunal (NCLT) had declared it bankrupt on a plea filed by the Union Bank of India for non-payment of around Rs 432 crore worth of dues.

    On August 31 last year, the top court ordered the demolition of the towers under construction within three months for violation of building norms in “collusion” with NOIDA officials, holding that illegal construction has to be dealt with strictly to ensure compliance with the rule of law.

    The top court had directed that the entire amount of home buyers be refunded with 12 per cent interest from the time of the booking and the RWA of Emerald Court project be paid Rs 2 crore for the harassment caused due to the construction of the twin towers, which would have blocked sunlight and fresh air to the existing residents of the housing project adjoining the national capital.

  • Tentative date for Noida twin towers demolition moved to August 21

    By PTI

    NOIDA: The tentative date for demolition of Supertech’s illegal twin towers in Noida has been moved from August 28 to August 21, officials said on Tuesday.

    The Supreme Court had earlier permitted extending the demolition date till August 28 from May 22 this year after the private company engaged for the work approached it with a plea for time extension.

    “The tentative date for demolition has been moved to August 21 now. The time limit extension granted by the honourable Supreme Court is till August 28. The decision has been taken in order to create a buffer period so that the work is completed in any case by August 28,” Noida Authority’s CEO Ritu Maheshwari told PTI.

    The senior IAS officer said the private agency, Edifice Engineering, engaged for the demolition work by Supertech on Tuesday made a presentation to the Noida Authority about the work progress and its preparation.

    “The company said they are on track for the job. It said it has on its own taken a buffer period of 12 days from the actual date of demolition (August 28). They will be ready 12 days in advance. So it has been decided to shift the demolition date by one week to August 21,” Maheshwari said.

    The Supreme Court had on August 31 last year ordered the demolition of the nearly 100-metre tall twin towers which had come up in violation of building bye-laws inside Supertech’s Emerald Court group housing society in sector 93A.

    The towers were earlier scheduled for demolition on May 22 and test blasts were held on April 10 at the site by Edifice Engineering, which has further roped in South African firm Jet Demolitions for the work owing to its expertise in the job.

    During the meeting, chaired by Maheshwari, the status of compliance of the court orders with the described conditions and the problems arising out of the demolition were discussed, the Noida Authority said in a statement.

    Besides the Noida Authority, officials of the police department, fire department, Pollution Control Board, Central Building Research Institute (CBRI), Edifice Engineering and Supertech group were also present.

    Residents Welfare Association members of the Emerald Court society and its adjoining ATS village also took part in the discussions, it said.

    “Since the demolition proceedings should be done by August 28, therefore, to ensure compliance with the orders of Supreme Court, the date August 21 was fixed for the demolition, taking a grace period of one week, so that in any unavoidable circumstances, the demolition must be completed by August 28, 2022,” the statement read.

    By Wednesday, the areas falling within the radius of 50 metres of the twin towers should be identified and the information made available to both the RWAs, the Noida Authority asked the demolition agency.

    The pre-demolition structural audit of this 5-metre radius area by Edifice Engineering should be provided to the CBRI by June 30 and by the same time it should make available its plan for scientific disposal of construction and demolition waste to the Uttar Pradesh Pollution Control Board, according to the statement.

    The demolition firm has also been asked to present a report of the vibration test for the April 10 test blasts to the Gas Authority of India Limited (GAIL) and the CBRI. This report should be made available to them by June 20, it added.

  • Supreme Court refuses to stop demolition of Supertech’s twin towers in Noida

    By Express News Service

    NEW DELHI: The Supreme Court on Monday refused to modify its directive to demolish the twin 40-storey towers in Noida for the violation of norms.  It dismissed an application of Supertech Ltd seeking to save one tower and partially demolish 224 units in the other to conform to building bye-laws.

    The top court said that a grant of such relief is akin to reviewing the judgments of this court, and such an attempt is impermissible in a miscellaneous application filed by the realty firm.

    A bench of Justices DY Chandrachud and BV Nagarathna said that the judgment of this court dated August 31, has specifically affirmed the direction issued by the division bench of Allahabad High Court for demolition of T-16 and T-17 of the Emerald Court Project, which is evident from the ultimate conclusions contained in the judgment.

    “In essence, what the applicant seeks is that the direction for demolition of T-16 and T-17 should be substituted by retention of T-16 in its entirety and slicing off a portion of T-17. Clearly, the grant of such relief is in the nature of a review of the judgement of this court,” the bench said in its order.

    The top court said that in successive decisions, this court has held that the filing of an application styled as ‘Miscellaneous Application’ or application for clarification in the guise for review cannot be countenanced.

    “The attempt in the Miscellaneous Application is clearly to seek a substantive modification of the judgement of this court. Such an attempt is not permissible in Miscellaneous Application,” the bench said, adding, “For the above reason, there is no substance in the Miscellaneous Application, which is accordingly dismissed.”