Big relief for Supertech! Supreme Court drops initiation of contempt proceedings

New Delhi: In a much-needed respite for Supertech, the Supreme Court of Indian on Friday (July 9) ordered to drop initiation of Contempt proceedings against the real estate company. The apex court has taken the decision after Supertech refunded the pending amount to many homebuyers in one of its housing projects in Noida. 

Previously, in March 2021, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) had issued a show-cause notice to Supertech. 

The authority had also threatened to cancel the real estate developer’s application of registration for two of its projects in the state, according to a report by ET. 

“There are 36 projects registered by the promoter, however, the promoter has not shown keen interest to complete many of the incomplete projects. As many as 20 projects are there where registration has been lapsed and are incomplete,” the authority said. Also Read: Blessing in disguise! THIS firm is giving each employee Rs 1.12 lakh as pandemic bonus

Meanwhile, Supertech was planning to raise Rs 2,300, according to an announcement made by the real estate firm in March early this year. At that time, the company had notified that it has shelved the plan of construction of high rises. The major reasons behind the decision were high construction costs and a long monetisation period. Also Read: Won't compel users to accept privacy policy till data protection bill comes into effect: WhatsApp tells HC