new Delhi: The Supreme Court on Monday said it will protect the interests of home buyers in Supertech’s 40-storey twin towers in the backdrop of appointment of an interim resolution professional (IRP) in insolvency proceedings against the real estate firm.
The top court also sought a response from the IRP on the payment of claims by home buyers.
According to a note filed by advocate Gaurav Agarwal, amicus curiae in this matter, the National Company Law Tribunal (NCLT), New Delhi has passed an order dated March 25, 2022, by which the Corporate Insolvency Resolution Process (CIRP) has been initiated Is. Against Supertech Ltd., a stay, declared under section 14 of the IB Code, 2016, and IRP, Hitesh Goyal, has also been appointed.
Aggarwal urged a bench of Justices DY Chandrachud and Surya Kant to consider whether the payment to the remaining home buyers of Twin Towers should be part of the resolution process or whether the payment should be made from the funds available by the company (or which will be available in future). i.e. the said payments should be kept out of the CIRP process?
Secondly, if the payments are part of the CIRP process, will the home buyers’ dues be included as a separate category in the proposed resolution plans so that home buyers can get a refund along with interest from the successful resolution applicant?
The bench said it will protect the interest of home buyers in Supertech’s twin towers in Noida. It added that home buyers should file their claims with the IRP and seek a response from the IRP on the disbursement of their claims.
The note submitted by Agarwal said: “As per the information furnished by Supertech Ltd, out of 711 customers/units, claims of 652 units/customers are settled/paid. 59 home buyers are yet to refund the amount The principal outstanding amount would be Rs.14.96 crore.”
The amicus curiae suggested that the home buyers of twin towers may be directed to file their claims to the IRP by April 15 and all claims should be reconciled, interest payable should be calculated, and by April 30 the top A report should be given to the court.
“The IRP may also indicate in the said report whether the amount available with the company (or which can be reasonably made available in the near future from the operations of the company) will be sufficient to meet the said claims,” the note added. Gone.
Supertech also told the apex court that it is approaching the Appellate Tribunal against the insolvency proceedings order against the NCLT.
The top court is likely to take up the matter for further hearing in the first week of May.
In its August 31, 2021 judgment, the Supreme Court had ordered the demolition of Supertech’s twin towers in Noida and also directed the firm to refund the money to flat buyers in these towers.
The Noida Authority had informed the court that on May 22, the Supertech 40-storey twin towers would be demolished.