Reality major Supertech gets two more months to deposit Rs 10 cr

Real estate major Supertech Ltd on Friday got two more months time to deposit Rs 10 crore with the Supreme Court's registry to refund the money of the flat buyers who want to opt out of its two disputed towers at its Emerald Court project in Greater Noida.

The bench of Justice Dipak Misra and Justice R. Banumathi gave the real estate major time till March 20 as Supertech cited difficulties it was facing in raising the funds because November 8 demonetisation decision by which Rs 500 and Rs 1000 denomination notes were junked.

The top court by its November 8 order had asked the real estate major to deposit, by January 3, Rs 10 crore which would be used for refunding the money given to it by flat buyers at its two disputed towers at its Emerald Court project in Greater NOIDA.

The two towers were found to be non-compliant of building regulations by public sector undertaking NBCC which had inspected them on the directions of the court.

The Allahabad High Court had on April 11, 2014 ordered the demolition of two building towers coupled with direction that flat buyers' money should be returned with 14 per cent interest in three months' time.

The top court had on May 5, 2014, ordered status quo thereby putting on hold the demolition.

It had on July 27, 2016, asked the NBCC to examine whether the distance between two disputed buildings towers was in accordance with building regulations.

--IANS

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