The Supreme Court has allowed National Buildings Construction Corporation Ltd (NBCC) to float tenders for selecting the builder to complete the stalled projects of Amrapali Group.
The Supreme Court has allowed National Buildings Construction Corporation Ltd (NBCC) to float tenders for selecting the builder to complete the stalled projects of Amrapali Group. The top court also asked the NBCC to prepare a detailed project report for pending projects within 60 days. A bench of Justices Arun Mishra and U U Lalit asked the NBCC to submit the detailed proposals along with their terms and conditions before the court and directed the existing architects of Amrapali Group of Companies to ensure cooperation with the NBCC.
The top court said non-cooperation by existing architects of Amrapali with the NBCC will be “viewed seriously”. The bench was informed that proceedings before the Debts Recovery Tribunal (DRT), Delhi for sale of the unsold inventory of Amrapali Group has started, valuation of properties has been ordered, and the tribunal has directed for production of original documents, sanctioned plans and other relevant documents with the company.
The bench directed the Amrapali Group of companies and directors — Anil Kumar Sharma, Shiv Priya and Ajay Kumar to submit the maps which clearly delineate unencumbered portion of their individual as well as company properties and other details which have been asked by the DRT.
The bench also directed the company representatives and the directors to be present before the DRT on each and every date, unless they are specifically dispensed with by the tribunal. The court allowed the DRT to move ahead with the process of finding out the encumbrances of the properties and permitted the Bank of Maharashtra and all other such creditors who may have charge on the unencumbered property to state their claim before the DRT.
The bench noted that its earlier order of handing over of the documents by the statutory auditors as well as by the Amrapali group of companies to the forensic auditors has been violated. “With respect to the handing over of the documents by the statutory auditors as well as by the Amrapali Group of Companies, we note it regrettably, that the order passed by this Court has been violated and the documents have not been handed over in spite of clear and categorical direction to handover the documents to forensic auditors within ten days,” it said.
Advocate Gaurav Bhatia, appearing for Amrapali, said the statutory auditors will hand over documents to the forensic auditors. The bench then directed that all the necessary documents from 2008 to till now, which may be in possession of Amrapali Group of companies in addition to statutory auditors be handed over to the forensic auditors “Let account books in whatever status they are, at present, be handed over. We request the forensic auditors to send their representative on the next date of hearing to apprise us of compliance of this order,” the bench said.
The court also sought the details of all the outstanding dues of secured and unsecured creditors project-wise and in total. Advocate M L Lahoty, appearing for home buyers, alleged that there were certain existing directors — Anurag Sanghai, Vinay Vishal and Sankalp Shukla whose particulars of properties have not been filed as ordered by the Court. He pointed out that there are several other existing or former directors whose names have not been disclosed.
The court directed that the names of all the directors be disclosed without remiss before the next date fixed along with details of assets as already ordered by this court. On September 12, the apex court had appointed state-run NBCC to develop stalled projects of the Amrapali Group and directed the Debts Recovery Tribunal to sell the unencumbered commercial properties of the real estate firm.
It had directed the opening of an escrow account in the apex court in which the amount received after the sale of properties would be deposited and later disbursed to the NBCC to start construction of the pending projects in Group A and B Categories. It also directed that bank accounts, balance sheets and other documents of all 46 Amrapali companies and Jotindra Steel, since 2008 be given to the forensic auditors.
The apex court had on September 6 identified 16 properties of the Amrapali Group for auctioning, preferably by the NBCC, to give the PSU an initial corpus to start work on the stalled projects. It had also ordered a forensic audit of the firm and its promoters to gauge the extent of financial wrongdoings.
The group CMD had come under the top court’s scanner for declaring his assets worth at Rs 67 crore as against Rs 847 crore in his affidavit filed during the 2014 Lok Sabha polls, when he had unsuccessfully contested as a JD(U) candidate from Bihar’s Jehanabad constituency. The NBCC had earlier given a proposal for completion of 15 residential projects of Amrapali having 46,575 flats at an estimated cost of Rs 8,500 crore in six to 36 months.