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New Delhi, Sep 24 The state-owned NBCC on September 24 moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled or partially built projects where around 27,000 hassled home buyers are stuck for years. NBCC on September 24 moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled …

General Reference Won't Have Effect Of Incorporating Arbitration Clause In Another Contract, Specific Reference Needed : Supreme Court

The Supreme Court reiterated that a dispute cannot be referred to arbitration based on the arbitration clause contained in another contract unless a specific reference was made in the main contract to incorporate the arbitration clause into the main contract. Rejecting such an approach of the High Court, the Supreme Court held that the High Court erred in concluding that …

Supreme Court

Arbitrator Can Award Pendente Lite Interest If There Is No Bar Under Contract : Supreme Court

The Supreme Court recently reiterated that unless there is a specific bar under the contract, it is always open for the Arbitrator to award pendente lite interest in view of Section 31 of the Arbitration and Conciliation Act 1996. Sundresh, while adjudicating an appeal filed in Indian Railway Construction Company Limited v M/s National Buildings Construction Corporation Limited, has affirmed …

Supreme Court lists Amrapali housing case in January after NBCC says it needs cash immediately

The Supreme Court on Thursday agreed to list the Amrapali housing case in January, after the National Buildings Construction Corporation informed it that the construction of 46,000 Amrapali housing units faced a serious cash crunch. The NBCC told the court that the units required immediate cash flow by way of sale of unused Floor Area Ratio in select Amrapali projects …

"It is like you have been given lassi, you now want malai on top of that,” commented the Supreme Court bench headed by Justice UU Lalit while hearing pleas filed by Amrapali homebuyers. In the last hearing in August, the apex court had directed around 9,500 homebuyers to get registered and complete due payment to the NBCC within 15 days. …

SCBA Group Housing Society Dispute- Supreme Courts Asks SCBA President To Resolve Within.

The Supreme Court on Tuesday urged Senior Advocate and President, SCBA, Mr. Vikas Singh, to use his office to resolve the dispute that has broken out openly within the Bar Association in connection with the construction and repair of residential flats at NOIDA, on a cooperative model, by its members.On Monday, the Miscellaneous Application filed by the Supreme Towers Apartment …

The Supreme Court on Tuesday declined to hand over the construction of Noida-based La Residentia to the National Buildings Construction Corporation and allowed the construction company to continue with the development of the project. In the 44-page judgment, the top court said that difference between the amounts received from the concerned flat buyers for the purchase of 632 flats, part …

Adjudicating Authority Cannot Substitute Any Commercial Term Of Resolution Plan Approved By Committee Of Creditors: Supreme Court

The Supreme Court observed that adjudicating authority cannot substitute any commercial term of the resolution plan approved by Committee of Creditors. If, within its limited jurisdiction, the Adjudicating Authority finds any shortcoming in the resolution plan vis-à-vis the specified parameters, it would only send the resolution plan back to the Committee of Creditors, for re-submission,. If, within its limited jurisdiction, …

The Supreme Court has accepted the funding arrangements proposed by SBI Capital with regard to 6 unfinished Amrapali projects. The Supreme Court has clarified that the funding of these projects, which cover a total of 6973 units, will be provided according to the "Collection Milestones" model, as per the suggestion made by SBI CAP's counsel, senior advocate Harish Salve. Mr. …

The Supreme Court on Thursday pulled up the Central Government for not releasing money from the real estate stress funds created by them, towards completion of Amrapali projects, despite being asked to do so repeatedly over the last 3 months. This came after Senior advocate Harish Salve, representing SBI Capital, informed Court that there were certain issues that were creating …

The Centre on Tuesday informed Supreme Court that the foundation work for the Smog Tower project, aimed to help Delhi fight the menace of air pollution, could be started immediately.However, Solicitor General Tushar Mehta also indicated that, as informed earlier, it would take a period of around 10 months to complete the entire project. The Centre on Tuesday informed Supreme …

The Supreme Court on Wednesday issued notice in an appeal by 7 homebuyers under Section 62 of the Insolvency & Bankruptcy Code, 2016 against an order of the NCLAT dated April 22, 2020 whereby the tribunal also directed Jaypee Infratech's Interim Resolution Professional Anuj Jain to constitute an interim monitoring committee, comprising representatives of the NBCC and its. The Supreme …