New Delhi | Jagran Business DeskThe Supreme Court on Wednesday pulled up real estate company Supertech ordering it to return money to homebuyers by January 17 for flats being demolished or face jail. 

A bench headed by Justices D. Y. Chandrachud was hearing contempt pleas by the home-buyers, alleging that while Supertech invited them to collect their money after Court ordered the demolition of its 40-storey twin towers in Noida, they were told that the money would be paid back in installments together with certain deductions which were not indicated by the Court.

"We will send your directors to jail now! They are playing truant with the Supreme Court!...Interest cannot be charged on Return of Investment! You are looking for all sorts of reasons to not comply with the order of the court. Ensure that the payments are made by Monday, else there would be consequences," Justice Chandrachud told the Advocate appearing for Supertech as quoted by legal news portal Live Law.

The Court also directed the Noida Authority to finalise the agency which would take up the task of demolition of the twin towers in the Noida Emerald Court housing project and respond by January 17.

Last year, the Allahabad High Court directed the demolition of twin 40 storey towers in the Emerald Court project of Supertech Ltd in Noida for violation of building norms. The demolition work is supposed to be overlooked by the Central Building Research Institute(CBRI) to ensure safe demolition. Supertech is directed to carry out the demolition at its own cost under the supervision of the officials of NOIDA.

Further, Supertech has been ordered to return money to all existing flat purchasers in Apex and Ceyane (T-16 and T -17) within a period of two months other than those to whom refund has already been made. The refund has to be made with interest at the rate of twelve per cent per annum payable with effect from the date of the respective deposits until the date of refund in terms. A cost of Rupees 2 crores has also been directed to be paid to the Resident Welfare Association.

Posted By: Sugandha Jha