Supreme Court: Order to refund the amount by February 28 to the flat buyers of Twin Tower of Emerald Court project, know the whole matter

The Supreme Court on Friday asked real estate giant Supertech to refund the amount by February 28 to the flat buyers of twin towers of the Emerald Court project located in Noida Express. It is known that these twin towers have to be demolished under the order of the court. A bench of Justices Dhananjay Y Chandrachud and Bela M Trivedi has accepted the refund formula prepared by amicus curiae advocate Gaurav Agarwal in this case.

Also, the bench has said that the amicus curiae, flat buyer, and representatives of Supertech will meet and finalize the mode of refund. The apex court was hearing contempt petitions filed by some of the buyers of the Twin Towers. These petitioners said that the builder is not returning the amount to them as per the order of the court.

During the hearing, the counsel for the flat buyers told the Supreme Court that Supertech says that refund will be given only to those who have filed the contempt petition. On this, the Supreme Court has ordered that all buyers should get a refund with interest. Senior advocate S Ganesh, appearing for Supertech, assured the bench that everyone would get the refund.

It is to be known that the Supreme Court had upheld the order passed by the Allahabad High Court on 31 August 2021, in which the 40-story Twin Towers-16 (Apex) and 17 (Seat) of Supertech's Emerald Court project located at Noida Express were held for violation of building norms. ) was ordered to be demolished. Supertech was directed to complete the demolition work of the towers within three months. The demolition work was said to be under the supervision of the Noida authorities. Supertech was asked to bear the cost of this item.

Also, the Supreme Court had directed Supertech to refund the amount with 12 percent per annum interest to the flat buyers of Twin Towers within two months. Apart from this, the court had also directed the builder to pay Rs 2 crore as compensation to the Emerald Court Owner Residents Welfare Association within a month.