Amrapali: SC asks all stakeholders to submit suggestions by April 6

By: |
New Delhi | Published: March 28, 2018 4:34:50 AM

The order came after ML Lahoty, representing Amrapali, submitted a report based on joint inspections carried out by Amrapali and homebuyers on some projects.

amrapali group, supreme court, homebuyersThe Supreme Court has asked all stakeholders of embattled real estate firm Amrapali Group to submit their objections and suggestions related to various projects by April 6. (PTI)

The Supreme Court has asked all stakeholders of embattled real estate firm Amrapali Group to submit their objections and suggestions related to various projects by April 6. The order came after ML Lahoty, representing Amrapali, submitted a report based on joint inspections carried out by Amrapali and homebuyers on some projects. During the hearing on March 15, the apex court had asked Amrapali and homebuyers to hold a joint meeting on March 17 to arrive at a consensus on the status of its various housing projects. Thereafter, a joint statement was to be submitted to the SC on March 27. However, various stakeholders have objected to the report, saying that the information provided does not include all projects and that details were incomplete.

The joint meeting will now be convened by the builder on March 31 and will be chaired by Ranjit Kumar, counsel for Amrapali Group. The SC has even directed the Noida and Greater Noida authorities to carry out tower-wise inspection of all projects and submit a report for their completion. The fresh report will incorporate details such as completion status of all projects and amount required to complete the unfinished ones, and this has to be submitted in court by April 6. Any objections to it have to be filed before the next date of hearing on April 10. The court also said advocate Lahoty’s note should be taken as input for the fresh report.

Also, in a big jolt to the embattled real estate company, the court said Bank of Baroda (BoB) should recover the money from the builder and not from the homebuyers. “Flatbuyers’ money belongs to them and no one can take it,” the court said, adding that Bank of Baroda had lent the money to the builder and not the flatbuyers; therefore, it cannot ask buyers to pay back the bank. It has also asked BoB to submit their objections to the completion of any project along with details of their charge on the property. Last year, BoB had filed an insolvency petition before the National Company Law Tribunal (NCLT) after Amrapali had failed to repay a loan of Rs 56 crore. The tribunal appointed Rajesh Samson of Deloitte as the interim resolution professional (IRP) in this case.

The apex court is hearing a clutch of petitions filed by flatbuyers who have demanded reversing of the September 4, 2017 National Company Law Tribunal order. Buyers had argued that despite assurances that the flats would be handed over in three years, 10 years have passed during which they had already paid 90% of the cost of flats but the developer had failed to deliver the flats.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.