SC allows fresh efforts to settle refund claims of Supertech buyers

The Supreme Court deferred for three months the hearing on refund claims of homebuyers of Supertech's demolished Noida twin towers, allowing time to explore settlement options. Buyers seeking refunds said the last payment was made in 2024, with insolvency proceedings continuing

New Delhi: The Supreme Court on Thursday deferred by three months the hearing on a plea seeking refund to homebuyers of the now-razed twin-towers of real estate firm Supertech in Noida. A bench comprising Chief Justice Surya Kant and justices Joymalya Bagchi and V Mohana took note of the submissions that efforts were on to satisfy the claim of the homebuyers, who have not opted for alternative allotment.

The bench deferred the hearing after it was told that three months’ time be given to explore other options to satisfy the claims of the homebuyers. A lawyer, representing a few homebuyers, said they are not getting the refund and the last payment was made way back in 2024.

---

Earlier, the top court had said homebuyers of the now-razed twin-towers will be refunded on a pro-rata basis from the amount deposited by the Interim Resolution Professional (IRP). The real estate company is facing insolvency proceedings under the IBC. The twin-towers at Emerald Court Project in Sector 93A of Noida were pulled down using explosives on August 28, 2022.