The Supreme Court has postponed proceedings regarding refund claims for homebuyers of Supertech’s demolished Noida twin towers by three months, allowing time to explore alternative measures to satisfy the outstanding financial payouts.
A three-judge bench comprising Chief Justice Surya Kant, Justice Joymalya Bagchi, and Justice V. Mohana deferred the matter after being informed that efforts remain underway to address the claims of buyers who declined alternative property allotments. The court granted the requested three-month period so stakeholders could examine other options to settle the pending accounts.
Ongoing Settlement Claims And Payment Delays
During the hearing, legal counsel representing a group of affected buyers stated that purchasers have not been receiving their refunds, noting that the most recent disbursement occurred in 2024. The real estate developer is currently subject to insolvency resolution under the Insolvency and Bankruptcy Code.
Insolvency Context And Demolition Background
The top court previously directed that homebuyers affected by the demolition receive refunds on a pro-rata basis, drawn from funds deposited with the Interim Resolution Professional handling the company’s insolvency process. The legal dispute stems from the Emerald Court Project located in Sector 93A, Noida, where the twin towers were brought down in a controlled explosive demolition on August 28, 2022.
