Apex-Ceyane twin towers not part of any ongoing project: Supertech Group

“All other projects are under RERA guidelines and their funding is through the RERA financial account. The fund inflows for those projects will be utilised for their construction alone,” he clarified.

“There will be no negative impact on other projects. Work is currently on in other projects as per scheduled timelines. Whatever timelines have been committed will be achieved,” he said.

“We would like to reassure all our customers, bankers, vendors and other stakeholders that we will deliver all our projects in the scheduled time frame,” Arora added.

‘Promoters are in India’

Referring to media reports that the directors and the promoters of the company were abroad, he said: “I want to assure everyone that the promoters and the directors of the company are in the country, in their offices, fulfilling their responsibilities taking care of day-to-day operations of the projects to ensure that problems do not occur in any of the other projects.”

“We are with the customers and the government and we are following all the orders of the Supreme Court,” he said.

Review petition being filed

Arora said that the company would be filing a review petition before the Supreme Court. “Whatever be the final outcome of the review petition we will comply with it,” he said.

On September 4, Supertech Ltd had said it would file a review petition against the Supreme Court order to demolish the twin towers in Noida, while asserting that the buildings were constructed per bye-laws, with the approval of the competent authority.

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“While we respect the Hon’ble Supreme Court order, we have decided to re-present the matter before the Hon’ble Supreme Court in a review application as the towers were constructed as per the approval of the competent authority, conforming to the Building bye-laws,” Supertech Chairman RK Arora had said.

The realty group is developing 10 crore sq. ft. across its projects, with Apex and Ceyane towers constituting a mere 6 lakh sq. ft. which is 0.6 per cent of the total portfolio, he added.

“While we have already refunded most of the customers in this project after the Hon’ble High Court, Allahabad, decision passed in 2014, we will further comply with the Hon’ble Supreme Court directions as per the order passed,” Arora said.

The apex court order

In its order, the Supreme Court directed that the entire amount paid by homebuyers be refunded with 12 per cent interest from the time of booking. The Residents Welfare Association is to be paid Rs 2 crore for the harassment caused due to the construction of the twin towers.

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A bench of Justices DY Chandrachud and MR Shah had said that the April 11, 2014 verdict of the Allahabad High Court, which ordered the demolition of the twin towers, does not deserve any interference.

The bench had said the construction of Supertech’s twin 40-storey towers, comprising 915 flats and shops, was carried out in collusion with the Noida authority and the high court was correct in holding that view.

The apex court has ordered that the demolition be carried out within three months, under the supervision of the Noida authority and an expert agency, with the cost of the entire exercise to be borne by Supertech Ltd.