Supertech Twin-Towers : Supreme Court Allows Disbursal Of Rs 1 Crore Deposited By IRP To 15 Homebuyers On Pro Rata Basis

In a matter pertaining to compensation sought by homebuyers of Supertech Twin Towers, that has now been demolished, the Supreme Court, on Monday, directed the disbursal of INR One crore that has been deposited by the Interim Resolution Professional (IRP) of Supertech Ltd. with the Apex Court's Registry on 8th December, 2022. The amount has been directed to be distributed to the 15 homebuyers (applicants) on a pro rata basis. It also directed that the additional INR 1 crore to be deposited by the IRP on 31st January, 2023 be disbursed to the 15 homebuyers in a similar manner.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 15.10.2022, the Apex Court was informed that the amount had been deposited. It directed the disbursal of the deposited amount and 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.On Monday, the Amicus Curiae, Mr. Gaurav Agarwal apprised the Bench comprising the CJI, Justice D.Y. Chandrachud, Justice P.S. Narasimha and Justice Dipankar Dutta that the IRP has deposited INR one crore as instructed by the Court on 08.12.2022. Considering the same, the Bench asked the Registry to disburse the said amount to the 15 homebuyers on a pro rata basis. The Counsel representing the IRP informed the Bench that another INR one crore would be deposited in January, 2023. The Bench directed the manner of disbursal of the said amount. Mr. Agarwal submitted that there was another Miscellaneous Application pertaining to the home loan issue. He informed the Bench that in consultation with the IRP, the homebuyers and the financiers the matter has been worked out. He requested the Bench to list it for hearing in January, 2023.[Case Title: Chandrani Banerjee v. R.K. Arora And Ors. CONMT.PET.(C) No. 151/2022 in C.A. No. 5041/2021]

Supertech Twin-Towers : Supreme Court Allows Disbursal Of Rs 1 Crore Deposited By IRP To 15 Homebuyers On Pro Rata Basis

Sohini Chowdhury

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