The Supreme Court on Friday for ensuring homebuyers of Supertech limited some relief has ordered the Interim Resolution Professional (IRP) of Supertech Ltd. for depositing Rs One Crore with the Supreme Court Registry before September 30, 2022.
Bench comprising of Justices DY Chandrachud, Justice JB Pardiwala and Justice Surya Kant have directed Amicus curiae Gaurav Agarwal along with Interim Resolution Professional (IRP) of Supertech Ltd. for jointly working out the dues that remain outstanding of the homebuyers and before the next date hearing, submit the details .This would ensure that directions on disbursement of the said fund could be issued.
The Court ,in the meantime, has ordered that the homebuyers who are covered by the judgement of this court get some refund of their outstanding dues as a instant relief.
The court had ordered the demolition of the Company’s twin towers for violation of building rules. Today, when the matter was taken up for hearing ,the Amicus Agarwal told the Court that the Corporate Insolvency Resolution process under the Insolvency and Bankruptcy Code, 2016 is now confined to the project which is described as Eco Village.
Amicus Agarwal said that “Supertech is in under hybrid CIRP. and that the IRP could deposit an amount of Rs 1 crore which could be paid to be the homebuyers on a pro-rata basis.
The Court was told that the National Company Law Appellate Tribunal(NCLAT) while placing the IRP in charge of the company directed that 70% of the revenue generation should be utilised for the purpose of construction and 30% to be utilised for meeting administrative expenses.
Amicus Agarwal saud he would conduct a joint meeting with the IRP so that certain details can be worked out. He also promised that “In October vacations, I want to sit with the IRP and figure out what are the pending applications. Net flow of supertech, what are the assets which can be sold and expenses of running the money.
The bench remarked that we can’t say pay in 30 days. Because both interests have to be maintained.”
The counsel appearing for the homebuyers said that the Bench if his clients would be paid in full though in instalments.
Your lordships, please mention that they will be paid in full and but instalments”, he argued. “Most certainly”, the court replied.
The matter will be next listed for hearing after the week-long break in October, 2022.