INSUBCONTINENT EXCLUSIVE:
NEW DELHI: In a major setback to home builders in Noida and Greater Noida, the Supreme Court on Tuesday dismissed the intervention
applications against its November 7 order, where the court had actually recalled its 2020 order, topping the rates of interest at 8% for
hold-up in payment of land cost by builders to the authorities
We have actually examined the interim applications which have actually now been submitted by numerous group of companies for recalling of
the order dated November 7, 2022, pursuant to which we consciously recalled our orders dated June 10, 2020, August 19, 2020 and August 25,
2020 and in the present realities and scenarios, we find no reason/justification to recall our order dated 7th November 7, 2022
As a result, the interim applications are without substance and deserve to be dismissed, stated a bench of Justices Ajay Rastogi and Bela M
Trivedi.The top court had passed various orders, including the one provided on June 10, 2020, throughout the Covid-19 pandemic period, by
which it had topped the interest rate at 8% on dues for land offered on lease to a number of home builders in order to provide them
succour.It had actually allowed the application of Noida and Greater Noida seeking recall of the 2020 order on the ground that both the
authorities have actually been suffering big losses and their working had actually essentially come to a standstill.The Noida and Greater
Noida authorities had actually sent that both the authorities were to incur loss of more than Rs 7,500 crore if the June 2020 order was not
recalled.Both the authorities had declared that contractors had actually reduced truths from the court leading to the passing of the June
10, 2020 order favouring them.
