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Will Protect interest of home buyers in Supertech’s twin towers, assures SC

The Supreme Court on Monday said it will protect the interest of homebuyers in Supertech’s 40-story twin towers against the scenery of the arrangement of Interim Resolution Professional (IRP) in the bankruptcy procedures against the land firm.

The top court likewise looked for a response from the IRP on the disbursal of home purchasers’ claims.

As indicated by a note documented by advocate Gaurav Agarwal, amicus curiae regarding this situation, the National Company Law Tribunal (NCLT), New Delhi, has passed an order on March 25, 2022, by which corporate insolvency resolution process (CIRP) has been started against Supertech Ltd, a ban, under Section 14 of IB Code, 2016 pronounced, and furthermore IRP, Hitesh Goel, has been selected.

Agarwal asked a bench containing Justices D.Y. Chandrachud and Surya Kant to consider whether installments to be made to the leftover home buyers of the twin towers ought to frame a part of the resolution process or whether the payments ought to be made by the organization from the assets accessible (or which might open up in future) for example the said installments be kept out of the CIRP process?

Also, in the event that the payments are essential for the CIRP process, will the sums due to the home buyers be incorporated as a different class in the proposed resolution plans so that home purchasers have a fair amount of money returned with interest from the successful resolution applicant?

The bench said it will safeguard the interest of homebuyers in the Supertech’s twin towers in Noida. It added that home buyers ought to record their cases with the IRP and looked for a response from the IRP on the disbursal of their cases.

The note submitted by Agarwal said: “As per the information given by Supertech Ltd, out of 711 customers/units, the claims of 652 units/customers are settled/paid. 59 home buyers still have to be refunded the amounts. The principal outstanding would be Rs 14.96 crore.”

“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 running operations of the company) would be sufficient to meet the said claims,” added the note.

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