SC orders forensic audit of Supertech

The Supreme Court directed a forensic audit of Supertech Realtors and its parent company, appointed a three-member committee to take over and complete the stalled Supernova project in Noida, and fixed a “zero period” shielding homebuyers from any coercive recovery of dues by banks or the Noida authority until the project is completed.

- Abraham Thomas

In a detailed order dated December 16 and uploaded on Monday, the apex court protected thousands of buyers from recovery proceedings while work on the distressed project is carried out by a new developer to be selected under court supervision.

A bench of Chief Justice of India Surya Kant and justice Joymalya Bagchi said, “There shall be a ‘zero period’ in respect of payment of dues owed to the Noida authority and the financial lenders. Accordingly, no payments shall be made to these entities until completion of the project and handing over of the dwelling units to the homebuyers.”

During this period, the order added, neither lenders nor the authority shall initiate or continue any coercive action against buyers who have already paid for their apartments. Any surplus generated after completion will be used to settle outstanding dues.