National Company Law Tribunal (NCLT) had ordered insolvency proceedings against Supertech
The Supreme Court on Monday assured that it will protect the interest of homebuyers in Supertech's twin tower in view of the Interim Resolution Professional (IRP) appointed in the insolvency proceedings against the real estate company.
A bench headed by Justice DY Chandrachud said that it will protect the interest of those home buyers.
Meanwhile, Supertech informed the Supreme Court about its plan to approach an appellate tribunal against the National Company Law Tribunal order on insolvency proceedings against it.
National Company Law Tribunal (NCLT) had ordered insolvency proceedings against real estate developer Supertech Ltd.
The Noida authorities had earlier told the Supreme Court that demolition work of Supertech's twin 40-storey towers in its Emerald Court project has started and demolition works will be completed by May 22.
On February 7, the top court had asked the CEO, Noida to take necessary steps to commence the work to complete the demolition of Supertech's twin towers in Noida within two weeks.
The apex court had earlier dismissed a plea of Supertech seeking modification of August 31, 2021 order by which it was directed to demolish two of its 40-storey towers at its Emerald Court housing project.
The order had come on a batch of petitions filed by homebuyers for and against the April 11, 2014 verdict of the Allahabad High Court, which had ordered the demolition of the two buildings within four months and the refund of money to apartment buyers.
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