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Supreme Court Cancels RERA Registration of Amrapali Group, Directs NBCC to Complete Pending Housing Projects

The Supreme Court pronounce its verdict in the Amrapali case on Tuesday. It has directed NDCC to complete the stalled projects of embattled real estate major Amrapali Group.

Published: July 23, 2019 11:42 AM IST

By Business Desk | Edited by Kanimozhi Sudhakar

Ram Janmabhoomi, Babri Masjid, Supreme Court, Land dispute case, Ayodhya
(फाइल फोटो)

New Delhi: The Supreme Court on Tuesday directed the National Buildings Construction Corporation (NBCC) to complete the unfinished housing projects in Noida and Greater Noida as a respite to over 42,000 hassled home buyers in the Amrapali case. The apex court bench, headed by Justice Arun Mishra also cancelled the Real Estate (Regulation and Development) Act, 2016 (RERA) registration of Amrapali group.

Besides, the top court also directed the Enforcement Directorate to file money laundering cases against Amrapali, it’s Chief Managing Director and other directors following a detailed investigation against the group for diverting homebuyers’ money.

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The authorities of Noida and Greater Noida authorities informed the apex court that they have an outstanding of around Rs 5,000 crore from Amrapali towards the principal amount and interest component, besides the penal interest.

On May 8, the apex court had asked Noida authority to explain what action it has taken against Amrapali Group which was a “chronic defaulter” in payment of lease amount.

It had conceded that besides issuing repetitive show-cause notices to Amrapali Group for defaulting in payments to Noida, they have done nothing. A similar stand was taken by Greater Noida authority. The apex court had said that it would throw Amrapali out from its properties and transfer its lock, stock and barrel to Noida and Greater Noida.

After the reluctance shown by Noida and Greater Noida, the top court had indicated that the NBCC Limited would complete the stalled projects.

The court-appointed forensic auditors namely Pawan Aggarwal and Ravinder Bhatia had found wide-scale irregularities in the financial affairs of Amrapali Group with an initial report suggesting over Rs 3,000 crores of homebuyers’ money.

On February 28, the apex court had allowed the Delhi police to arrest Amrapali group CMD Anil Sharma and two directors on a complaint that home-buyers of their various housing projects were cheated and duped of their funds.

The top court, which is seized of several pleas of home-buyers seeking possession of around 42,000 flats booked in projects of the Amrapali group, also ordered attachment of personal properties of the CMD as also its directors — Shiv Priya and Ajay Kumar.

(With Agency inputs)

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