The Supreme Court on Wednesday directed embattled real estate developer Amrapali Group to submit a detailed report on its financial liabilities. The court has asked the developer about the total amount it owes to the authorities and lenders. It has also sought details of the amount collected by homebuyers, the amount spent on projects and the amount required to complete its projects.
The apex court has also asked for details on the unsold inventory in all the projects and has asked the developer to divide the projects into three categories —where people are currently residing, where projects are in an advanced stage of construction and where projects are in a nascent stage of construction.
The developer has claimed that it has roped in three co-developers on board and will submit the details by April 17, the next date of hearing.
On March 27, the SC had asked all stakeholders of the embattled real estate firm to submit their objections and suggestions related to various projects by April 6.
The apex court had even directed the Noida and Greater Noida authorities to carry out tower-wise inspections of all projects and to submit a report for the completion of projects. The fresh report will incorporate details such as completion status of all projects and amount required to complete unfinished ones, and 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.
Last year, Bank of Baroda 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 has appointed Rajesh Samson of Deloitte as the interim resolution professional in this case.
The apex court is hearing a clutch of petitions filed by flat buyers 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 had passed, during which they had already paid 90% of the cost of flats but the developer had failed to deliver the flats.