Supertech Towers Case : Supreme Court Allows Disbursal Of Rs 1 Crore To 15 Homebuyers; Directs Builder's IRP To Depist Rs 1 Crore More

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

Previously, the Court had asked Mr. Agarwal and the IRP to jointly work out the outstanding dues of the homebuyers and submit the details before the next date of hearing so that directions on disbursement of the said fund could be issued. On perusal of the particulars provided by the Amicus, on Friday, the Bench comprising Justices D.Y. Chandrachud and Hima Kohli directed the IRP to deposit another Rs. One crore with its Registry on or before 08.12.2022. Upon deposit the money is to be distributed to the 15 applicants on a pro rata basis.

The Bench further noted that the disbursal ought to be made to the homebuyers strictly pursuant to the undertaking that if there is any outstanding loan, the amount shall be utilised for paying the same.

The Counsel for the IRP informed the Bench that National Company Law Appellate Tribunal, while placing the IRP in charge of the company, had directed that 70% of the revenue generation should be utilised for the purpose of construction and 30% to be utilised for meeting administrative expenses. In view of the same, he requested the Bench to record it in its order that the money has to be paid from the corporate debtor's account. Accordingly, the Bench noted -

"The amount be paid in above terms by IRP out of the account of the Corporate Debtor."

The Bench was considering a contempt petition preferred by the flat buyers of Supertech alleging non-compliance with regard to the direction to pay refund to the flat buyers as per the main judgment dated August 31, 2021, wherein the Apex Court had ordered the demolition of the Company's twin towers for violation of building rules.

[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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