Supertech Twin Towers: SC Claims that homebuyers’ Interests Will Be Protected

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The demolition plan for the Supertech twin towers included almost 2,500 kg of explosives and only 9 seconds. The Supreme Court ordered the skyscrapers to be dismantled, and they will be burned to the ground by May 22. The towers will be demolished by Edifice Engineering, a company chosen by the Noida Authority and the Central Building Research Institute, Roorkee, in partnership with Jet Demolition, a South African company.

The twin Supertech skyscrapers in Noida’s Sector 93A would be demolished in nine seconds, according to the company coordinating the destruction. The Supreme Court ordered the skyscrapers to be dismantled, and they will be burned to the ground by May 22. The towers will be demolished by Edifice Engineering, a company chosen by the Noida Authority and the Central Building Research Institute, Roorkee, in partnership with Jet Demolition, a South African company. The implosion would take roughly 9 seconds, according to Uttkarsh Mehta, Partner, Edifice Engineering. The two towers would fall almost simultaneously, with the higher tower following the smaller one by a few milliseconds.

The twin Supertech skyscrapers in Noida’s Sector 93A would be demolished in nine seconds, according to the company coordinating the destruction. The Supreme Court ordered the skyscrapers to be dismantled, and they will be burned to the ground by May 22. The towers will be demolished by Edifice Engineering, a company chosen by the Noida Authority and the Central Building Research Institute, Roorkee, in partnership with Jet Demolition, a South African company. The implosion would take roughly 9 seconds, according to Uttkarsh Mehta, Partner, Edifice Engineering. The two towers would fall almost simultaneously, with the higher tower following the smaller one by a few milliseconds.

Supertech is footing the bill for the deconstruction. On August 30 of last year, the Supreme Court ordered the twin skyscrapers to be demolished within three months for breaking building distance laws. According to Mehta, the demolition material will need to be processed in a construction and demolition waste facility or disposed of in a low-lying region. The Supertech project, according to Mehta, is taller than the housing complexes that the firm dismantled in Kochi in 2020 due to Coastal Regulation Zone violations.

When Will Investors Get Their Money in the Supertech Twin Tower Case? Acknowledge the SC Guidelines
Supertech, a beleaguered real estate firm, has announced that it has reached an agreement with Edifice Engineering to destroy its ambitious 40-story twin towers in Noida, which have drawn the wrath of the Supreme Court. This happened just days after the Supreme Court ordered the real estate mogul to sign a contract to destroy the Emerald Court twin skyscraper project and compensate investors without discrimination. Supertech has previously shared the specifics of the agreement with the New Okhla Industrial Development Authority (NOIDA) on the towers’ demolition plans in Sector 93A of the city, which had been built in violation of building bye-laws.

“Supertech has signed a deal with Edifice Engineering for the execution of the destruction of the twin tower and paid an advance payment to it for the mobilisation of men, materials, and machinery to site as per this agreement,” a Supertech representative stated on January 23, Sunday. The Noida Authority has also received a copy of the abovementioned demolition agreement, which was executed and fully signed by and between Supertech and Edifice Engineering, according to the spokesperson.

The Supreme Court issued an order to Supertech on August 31 last year, saying that its twin skyscrapers, Apex and Ceyane, under the Emerald Court project, should be demolished within three months for violating building codes. The corporation, however, did not comply with the ruling and was hauled up again early this month, with the company being asked to make the repayments. Last Monday, Mumbai-based engineering firm Edifice Engineering was offered a letter of intent. No-objection certificates (NOCs) linked to the environment, logistics, storage, and use of explosives for demolition activities are still pending, according to a Supertech representative.

When Will Investors Get Refunds?
In a separate judgement issued on Friday, January 21, the Supreme Court ordered Supertech to reimburse all money invested in the project, plus interest, to all home buyers by February 28, extending the original deadline of January 17. The Supreme Court approved Amicus Curae Gaurav Agrawal’s computation formula, saying it will be used to determine the sum due and payable. The methodology proposed by Supertech was rejected by the bench, which included Justices DY Chandrachud and Bela Trivedi.

“In our opinion, the reimbursement that is required and payable stems from this court’s decision. The bench stated, “At this stage, when the court is exercising its contempt jurisdiction, it would be required to propose a remedy that is consistent with the tenor of the main judgement, to achieve a refund of the money paid by the home buyers, coupled with interest as directed.” It goes on to say that payments made toward previously issued refunds would be taken into account when calculating the sum owing and payable. The Supreme Court further stated that buyers who had not filed for contempt would be entitled to the same amount of money back with interest as those who had filed for contempt.

According to the Supreme Court, the interests of homebuyers will be protected
The Supreme Court on Monday sought to reassure property buyers that their investments in Supertech Ltd’s 40-story Emerald Court twin tower project, which was declared bankrupt by the National Company Law Tribunal, would be protected (NCLT). “Here is our refund request.” “We will defend the interests of those home buyers,” Justice D Y Chandrachud, who presided over the bench, stated. The bench, which also included Justice Surya Kant, ordered the homebuyers to submit their refund claims by April 15. Meanwhile, Supertech Ltd has informed the court that it will appeal the NCLT judgement, which was issued in response to a petition filed by the Union Bank of India regarding the non-payment of around Rs 432 crore in dues.

Although the court set a deadline of March 31 for finishing the repayments, Supertech’s lawyers stated that this was postponed because the company was declared insolvent on March 25. The amicus curiae in the case, Advocate Gaurav Agarwal, and the counsel for the former management of the real estate firm informed the bench that out of a total of 711 property buyers, 652 had paid their claims and only 59 remained. “The amount of claims of homebuyers shall be isolated from other claims of financial creditors,” the bench added. The case will now be heard on May 8th.

On August 31, 2021, the Supreme Court ordered the twin towers to be demolished for violating building codes in “collusion” with NOIDA officials. The Supreme Court ruled that the construction must be dealt with severely in order to ensure that the rule of law is followed. The NOIDA authorities had informed the Supreme Court in February that demolition work had begun and would be completed by May 22.

 

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