Supreme Court on Tuesday gave a stern message to Supertech asking it to return money to investors saying it was not concerned whether the real estate major “sinks or dies”, a direction which may soothe ruffled feathers of hassled home buyers waiting endlessly for their dream homes.
“Either you (Supertech) sink or die, we are not concerned. You will have to pay back the money to home buyers. We are least bothered about the financial status,” a bench of Justices Dipak Misra and Adarsh Kumar Goel said when it was pointed out that some builders have said they had no funds to pay back the home buyers.
The apex court directed Supertech to pay 10 per cent per month of the invested amount from January 5, 2015 to 17 home buyers, who are before the court, within four weeks.
It said the real estate firm has to clear the arrears to the home buyers in four weeks, which can be adjusted and asked Supertech to furnish a chart of payments made to 17 of them on the next date of hearing.
Senior advocate Rajeev Dhawan, appearing for Supertech, said the apex court “cannot act like a banker” and has to follow principle of equality.