The Supreme Court on Wednesday directed the embattled real estate developer Amrapali Group to repair and install lifts in the Silicon City project and has also asked them to submit a status report on the elevators, electrical works and fire-fighting equipment installed by the next date of hearing which is May 8. The resolution professional had raised the issue of the lifts not working.
On April 25, the apex court had the co-developers, which is willing to complete the three projects of Amrapali, to furnish its financial standing, its track record and an undertaking for timely completion of the projects. Only Noida-based Galaxy Group has submitted affidavit in this regards.
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 apex court is hearing a clutch of petitions filed by flat buyers who have demanded reversing of the September 4, 2017 NCLT 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.