The Supreme Court today came down hard on real estate developer Supertech saying that it must return the money to 17 flat buyers of its Emerald Court project in Noida even if the company is declared bankrupt, or dead.
We dont care. It has to refund its buyers, the court observed.
In its order, the apex court said that the company has to refund the principal amount to flat buyers and pay 10 per cent annual interest on the amount starting January 2015. The court granted four weeks time to Supertech to pay back 17 buyers.
The court also directed the real estate developer to submit the chart of payment after refunding its buyers.
The court posted the matter for further hearing on October 25.
Meanwhile, the National Building Construction Cor…
Read the full article at: http://www.indiatvnews.com/business/india-don-t-care-if-company-is-declared-bankrupt-or-dead-sc-orders-supertech-to-refund-buyers-within-a-month-346903