Refund money to investors in 30 days: SC to Supertech

The Supreme Court on Monday directed real estate developer Supertech to refund money to all its flat owners of residential towers Apex and Ceyane in Noida within 30 days.

A Bench headed by Chief Justice HL Dattu said the principal amount should be paid to investors in 30 days while the interest could be paid in 60 days after that.

“You cannot be holding back money of investors who do not want to be relocated in other projects…Developers can’t take investors for a ride,” the court said.

On July 31 last year, the apex court had directed Supertech to give back money within a month to flat owners who had sought a refund after the 40-storey residential twin towers were directed to be demolished by the Allahabad High Court. It had then directed the company to pay compound interest at the rate of 14 per cent per annum.