Supreme Court tells Supertech to return investors' money in a stern message, says least bothered even if it sinks

Supreme Court rapped up real estate major Supertech and sent a stern message over delay of completing housing projects.

The Apex Court directed Supertech to return money to investors saying and said it was not concerned whether the real estate major "sinks or dies".

"Either you (Supertech) sink or die, we are not concerned. You will have to pay back the money to home buyers. We are least bothered about the financial status," a bench of Justices Dipak Misra and Adarsh Kumar Goel.

The Supreme Court directed Supertech to pay 10 per cent per month of the invested amount from January 5, 2015 to 17 home buyers, who are before the court, within four weeks.

Meanwhile, Senior advocate Rajeev Dhawan, appearing for Supertech, said the apex court "cannot act like a banker" and has to follow principle of equality.

"Not all home buyers are against us and some of them have even supported the firm and filed an appeal against the High Court order," he said.

Dhawan said a total of 628 people had approached the company, of whom 274 have sought alternate arrangements, 74 asked for re-investment and 108 have sought refund.

To this, the bench asked why Supertech was not giving back the money to all the investors.

Dhawan said there was a court order saying only those who have applied on time will get the money back and it was paying back the money to them.

Counsels for home buyers refuted Supertech's claim and said they were not getting the money on time.