New Delhi: Considering the plight of the hassled homebuyers, the Supreme Court on Tuesday asked the Greater Noida Industrial Development Authority (GNIDA) to submit a proposal for grievance redressal and imposed Rs 5 lakh cost on it for failing to file a timely response.
A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar expressed dissatisfaction over the approach of GNIDA and said, “You are responsible for the mess. Of course, developers made money from the homebuyers. But that does not condone your acts.”
The bench said it may order a CBI probe into the whole “mess” if the GNIDA did not come up with a plan to redress the grievances of the homebuyers.
“You come up with a plan in 10 days… otherwise we will order a CBI investigation...You will have to ensure that interests of homebuyers are safeguarded. You are also part of the problem. You allowed this mess to be created,” the CJI said.
The bench suggested the GNIDA to take over the entire land, develop the projects and give the flats to the homebuyers.
Seeking a detailed affidavit from GNIDA, the bench asked it to provide information including the date of allotment of the land and the date of execution of the lease deeds in favour of the private company.
Besides seeking a comprehensive proposal for the homebuyers, the bench asked the GNIDA to give information on why the allotment of land was not cancelled when the developers violated the terms of the projects.
Senior advocate Shoeb Alam, appearing for over 800 homebuyers, said a PSU was willing to develop the stalled projects and pay up the dues to GNIDA and others, and moreover, no creditors or investors would have to suffer haircuts.
The top court was hearing about 12 appeals arising out of a National Company Law Appellate Tribunal (NCLAT) judgment in relation to the insolvency proceedings of debt-ridden realty firm Earth Infrastructure.
The NCLAT had declined a plea of a batch of homebuyers who challenged the NCLT’s approval of Alpha Corp Development’s bid to acquire Earth Infrastructure.