Noose around the erring builders has been tightened as 13 FIRs were lodged by investors against the likes of real estate majors such as Supertech, Amrapali Group and so on. Eight FIRs were lodged against Amrapali Group, and one each against Supertech, Today Home Builder, Alpine group, GNC and 1 Bruy Ltd. This is not the first time the builders of the NCR region are in the news for the wrong reasons.
Earlier, IDBI Bank filed an insolvency plea in the National Company Law Tribunal (NCLT) after Jaypee Infratech defaulted on a loan of around Rs. 8,500 crore. Although the company had claimed that it held adequate assets to repay the loan, IDBI went ahead and filed the plea. The Allahabad bench of the NCLT admitted IDBI Bank’s insolvency plea against Jaypee Infratech.
Following this, Jaypee home buyers approached the Supreme Court claiming no rights under the Indian Penal Code (IPC).