SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 27 Sep, 2014  

supertech.thumb.jpg SC tells Supertech builders to refund principal amount

Supreme Court
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 31 Jul, 2014
The Supreme Court Wednesday directed Supertech Ltd. Builders to refund, by Aug 30, the principal amount to 53 allottees of its residential blocks in Noida that were ordered to be demolished by the Allahabad High Court for not complying with building laws.

A bench of Chief Justice R.M. Lodha, Justice Kurian Joseph and Justice Rohinton Fali Nariman said the interest on the principal amount will be paid by Oct 30.

Ordering the payment of principal and the interest amount, Chief Justice Lodha said: "They have not purchased litigation. They have purchased flats. They can't wait."

"It is painful to see 53 allottees suffering," he observed.

"They want refund as proposed by you on April 19. Nothing more, nothing less," the court said making it clear that it would not allow the interest of the allottees to be jeopardized,.

The court staggered the payment between the principal amount and the interest to be paid thereon as senior counsel Ravindra Shrivastava appearing for Supretench Ltd. pleaded difficulty and hardship in arranging the amount and said it could lead to the collapse of the company.

The court also clarified that payments to be made to 53 allottees were without prejudice to the outcome of the Supertech's appeal against the Allahabad High Court April 11 order.

The Allahabad High Court held that the two residential towers built by Supertech were in contravention of the rules and asked the builders to refund the allottees' money along with 14 percent interest compounded annually.

As Shrivastava tried to resist the court's insistence that Supertech pay the money of allottees seeking refund, the court said: "Shelter is man's ultimate dream in life. If an allottee after giving his entire life earnings do not get flat, it pains."

"They can collapse, you can't," the court said in admonition as Shrivastava pleaded the hardship his client is facing and it will have to borrow to refund the allottees money and this could result in collapse.

"They (allottees) too have hardship. We have to balance the hardships," the court said as it said that it would stagger the payment of principal amount and that of the interest that has been ordered to be compounded annually.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter