16 Amrapali Properties To Be Sold To Complete Unfinished Projects: SC

Published on 07 Sep 2018 by Shivi

The Supreme Court ordered a forensic audit of all 46 firms of the embattled Amrapali group and the directors’ assets within a period of two months to assess the extent of financial wrongdoings.

The Supreme Court also observed that initially 16 properties of Amrapali Group in India, including commercials, would be auctioned and later on the personal properties of the real estate company's promoters and directors will be auctioned or sold to generate money for completion of its unfinished real estate projects.

The apex court division bench, headed by Justice Arun Mishra and also comprising Justice Uday Umesh Lalit, directed to conduct a forensic audit of all the 46 companies or properties of the Amrapali Group and assets of all their directors within two months.

READ: Treatment Of Homebuyers Under Insolvency And Bankruptcy Code

The owner of Amrapali Group, Anil Sharma, is having his own property in Maharani Bagh and one house in Sector 62, Noida in Uttar Pradesh.

The Supreme Court also asked the directors of the Amrapali Group to furnish their asset details by way of an affidavit to it within four days and fixed the matter for further hearing to September 12. The court had on August 4 sought details of all the properties which Amrapali has.

To complete the unfinished projects of Amrapali, NBCC (National Buildings Construction Corporation) had a submitted a plan to the apex court.

NBCC said that they roughly need Rs 8,500 crore to complete the unfinished Amrapali projects where 42,000 homebuyers are waiting for their homes. Additional Solicitor General (ASG) Pinky Anand had submitted the plans for NBCC.

SOURCE



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