Tag: Supreme Court

Latest StoriesRegulatory

SC Orders Builder to Refund Over ₹43 Lakh with 18% Interest

Supreme Court of India NEW DELHI: On Wednesday, the Supreme Court instructed a real estate firm to refund over Rs 43 lakh to a plot buyer, along with 18 percent interest. The apex court increased the compensation rate ordered by the National Consumer Disputes Redressal Commission (NCDRC) which was set at 9 percent on the same amount payable by M/s Business Park Town Planners Ltd. A bench consisting of Justices Dipankar Datta and Augustine George Masih partially granted the appeal made by Rajnish Sharma against the firm. Sharma claimed delays, unfair charges, and harassment related to a plot booking made…

Latest StoriesRegulatory

SC Lets CBI Open Six More Cases in Builder-Bank Nexus

NEW DELHI: On Tuesday, the Supreme Court permitted the CBI to initiate six additional regular cases concerning the fraudulent connections between banks and developers, which have deceived homebuyers in real estate projects across Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj. A bench consisting of Justices Surya Kant, Ujjal Bhuyan, and N Kotiswar Singh granted the CBI the authority to proceed legally after Additional Solicitor General Aishwarya Bhati, representing the agency, indicated that the preliminary inquiry into various builders, excluding Supertech Ltd, has been completed. The court acknowledged the CBI’s assertion that a cognizable offense has emerged from the preliminary inquiry and…

Latest StoriesRegulatory

SC: Borrowers Lose Property Redemption Post Auction Notice Under SARFAESI

NEW DELHI: On Monday, the Supreme Court ruled that borrowers cannot reclaim property post-publication of an auction notice, as purchasers gain indefeasible rights once a sale certificate is granted by creditor banks and financial institutions under the SARFAESI Act. A bench comprised of Justices J B Pardiwala and R Mahadevan expressed concern about ambiguities in Section 13(8) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), which was enacted in 2002 for the protection of banks and financial institutions, noting that these ambiguities have led to prolonged litigations. The Court clarified that the…

Latest StoriesResidential

Gurugram: Three Towers Brought Down at Chintels Paradiso

GURUGRAM: A review meeting of the internal committee for Chintels Paradiso in Sector 109 took place at the DC office on Wednesday. Officials discussed the current status of the demolition efforts at the site, but the proceedings were kept private. A senior official mentioned that neither the builder nor the president of the resident welfare association (RWA) were invited to the meeting, which only covered updates. Rakesh Hooda, president of the Chintels Paradiso RWA, stated they were excluded from the meeting and had not received any minutes regarding the discussion. Officials from the Department of Town and Country Planning (DTCP)…

Latest StoriesRegulatory

SC Urges IBC Reform, Seeks Revival Fund for Real Estate

The Supreme Court, on Friday, called for significant reforms in the Insolvency and Bankruptcy Code to regain trust in the regulatory framework. The Court also urged the government to create a revival fund to finance distressed real estate projects that are undergoing insolvency proceedings. The bench, composed of Justice J.B. Pardiwala and Justice R. Mahadevan, emphasized that the Right to Housing transcends mere contractual obligations, forming a core aspect of the Right to Life under Article 21 of the Indian Constitution. The government cannot adopt a “mute spectator” stance and must protect the interests of homebuyers and the economy. Insanity…

Latest StoriesRegulatory

SC considers panel to oversee Supertech Realtors projects

NEW DELHI: On Thursday, the Supreme Court contemplated the formation of a committee to manage the bidding process and selection of a co-developer for the stalled construction of residential apartments, office spaces, retail areas, and a luxury hotel by Supertech Realtors. Supertech Realtors, part of the troubled real estate giant Supertech, is undergoing insolvency proceedings alongside several associated companies. The Supernova project, which Supertech Realtors is working on, has a budget of Rs 2,326.14 crore and covers a 70,002-square-metre plot located in Sector 94, Noida. The project is set to feature an 80-floor building, making it the tallest structure in…

Latest StoriesRegulatory

SC upholds termination of unused salt pan land lease in Mumbai

MUMBAI: Recently, the Supreme Court upheld an interim order from the Bombay High Court, which denied a request to stay the termination of a lease for 150 acres of salt pan land from a total of 782 acres located in Mulund, Bhandup, and Kanjurmarg. The court emphasized that a stay is not a statutory entitlement in appeals. The Supreme Court expressed a “prima facie opinion,” indicating that the High Court correctly denied relief to the lessee based on equitable considerations, as the specified 150 acres adjacent to the Eastern Express Highway had not been used for salt production for nearly…

Latest StoriesRegulatory

SC appoints ex-IB chief to probe Supertech insolvency case

Sure! Here’s a rewritten version of the content: The Supreme Court on Friday requested the insights of former Intelligence Bureau director and former National Human Rights Commission member Rajiv Jain regarding the insolvency proceedings of Supertech Realtors. This request follows a recent CBI report that accuses suspended director Ram Kishore Arora of misappropriating homebuyers’ funds in 21 projects. A Bench led by Justice Suryakant decided against staying the NCLAT’s August 13 ruling upholding the insolvency proceedings against Supertech Realtors. The Bench noted that every project associated with Arora is under investigation due to allegations of siphoning off significant amounts of…

Latest StoriesRegulatory

SC Rejects Appeal Against HYDRAA Eviction Orders

HYDERABAD: On Friday, the Supreme Court dismissed a civil appeal from city businessman P. Satya Narayana, challenging eviction orders from the Hyderabad Disaster Response and Asset Protection Agency (HYDRAA). This ruling allows the Jubilee Hills House Building Cooperative Society to reclaim a valuable 2,000-square-yard property in Jubilee Hills. After the Telangana high court ruled in favor of HYDRAA and the cooperative society on August 21, affirming the eviction orders, Satya Narayana took his case to the Supreme Court. HYDRAA had issued notices to Satya Narayana, instructing him to remove a tin shed and nursery garden on the disputed land on…

Latest StoriesRegulatory

SC Denies Time Extension for DHFL Promoter’s Surrender

The Supreme Court declined to extend the deadline for Dheeraj Wadhawan, former promoter of Dewan Housing Finance Corporation, to surrender in connection with a bank loan fraud case. Previously, on August 5, the apex court dismissed the medical bail granted by the Delhi High Court last September and mandated his surrender within two weeks. Wadhawan is implicated in a substantial bank loan fraud exceeding ₹34,000 crores, reportedly the most significant case of its kind in India. “We are not willing to extend the surrender timeline as requested by Wadhawan. However, acknowledging his potential need for medical care as per reports…