On Friday, October 15, 2022, the Supreme Court ordered compensation of Rs. 1 crore to 15 applicants on a pro rata basis from IRP (Interim Resolution Professional) deposited by Supertech Ltd. with the Supreme Court’s Registry following the order dated 26.08.2022.

The Amicus Curiae informed the Court that the money has been deposited as directed by the 26.08.2022 order of the Supreme Court and further suggested that the same be disbursed.

The Bench, comprising Justice D Y Chandrachud and Himan Kohli, based on the submissions by Amicus Curie, directed IRP to deposit another Rs. One crore with the Supreme Court registry on or before December 8, 2022, so that it can be distributed to 15 applicants on a pro rata basis. Previously, the court directed Mr Agarwal and IPR to come up with a solution to the homebuyers' outstanding dues and provide details of the same to the court in the next hearings.

The court further held that the distribution of money is to be made to the homebuyers in accordance with the undertaking that if there is any outstanding loan, the amount shall be used for paying the same.

The Counsel for the IRP informed the Bench that the National Company Law Appellate Tribunal, while putting the IRP in charge of the company, directed that 70% of the revenue generated to be used for construction and 30% for administrative expenses. In this light of the situation, he requested that the money be paid from the corporate debtor's account. The bench accordingly directed that: “The amount be paid in above terms by IRP out of the account of the Corporate Debtor.”

Case Details:-

CONMT.PET.(C) No. 151/2022 in C.A. No. 5041/2021

Chandrani Banerjee

vs.

R.K. Arora and Ors.