SC orders CBI probe into Supertech projects in NCR

NEW DELHI: The Supreme Court on Tuesday directed the CBI to register a preliminary enquiry (PE) and investigate the nexus between real estate developer Supertech and eight banks over delays in project completion and forcing buyers to pay EMIs.

The top court ordered the CBI to probe incomplete Supertech projects with irregularities in the NCR region—including Noida, Greater Noida, and Gurugram—after observing an apparent “unholy” nexus between the banks and the developer. Taking note of an affidavit filed by the CBI, a two-judge bench comprising Justice Surya Kant and Justice N.

Kotiswar Singh directed the Directors General of Police of Uttar Pradesh and Haryana to provide a list of DSPs, inspectors, and constables to the CBI to facilitate the formation of a Special Investigation Team (SIT) for the probe. The court instructed the CBI to thoroughly investigate the matter and go to the root of the irregularities. Additionally, the court directed the CEOs of the Greater Noida and Noida Authorities, the Secretary of the Institute of Chartered Accountants of India, the Ministry of Housing and Urban Affairs, and the RBI to nominate one senior officer each as nodal officers within a week to assist the SIT in the investigation.

The order for a detailed CBI probe came after hearing a batch of petitions filed by nearly 1,000 homebuyers, who alleged they were being illegally forced by banks to pay EMIs despite not receiving possession of their flats.

The petitioners—who had booked flats in the NCR—demanded a detailed probe into Supertech’s projects and the role of various banks that loaned over Rs 5,000 crore under the subvention scheme for its multiple housing projects.

As per the order, the Supreme Court bench will monitor the status of the CBI investigation of the special unit on a monthly basis. It is to be noted that subvention scheme that works when the banks disburse the sanctioned loan amount directly to the accounts of builders. However, during this period the builder is require to pay EMIs on the sanctioned loan amount until the flats are actually handed out to the new owners or homebuyers.