Friday, June 2, 2023

Supreme Court rejects bail plea of ex-Amrapali director Shiv Priya

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The Supreme Court on Wednesday rejected the bail application of former Amrapali Director Shiv Priya, but asked the trial court to decide his regular bail plea within a month. 

A Division Bench of Justices A.M. Khanwilkar and C. T. Ravikumar refused to grant bail to Shiv Priya, who has been in jail for more than two years for cheating thousands of homebuyers.

During the period between 2010-2014, the Amrapali Group proposed to construct around 42,000 residential flats in the Noida and Greater Noida area. The Group took advances from buyers and an allotment-cum-flat buyer agreement was executed. The Group had promised to complete the construction and hand over the possession of the apartments within a period of 36 months, but they failed to give possession even after a period of more than 10 years.

The Enforcement Directorate on September 13  told the apex court that it has attached properties worth Rs 4.79 crore of a former director of Amrapali Group and is probing his transactions of diversion of home buyers money made through shell companies.

The Supreme Court on August 13 gave 15 days’ notice to 9,538 Amrapali homebuyers to fill their details on the court receiver’s website and start making payments, failing which the court receiver would be at liberty to cancel their allotment and include their units as part of the unsold inventory. However, the issue of 6,210 homebuyers who have taken the benefit of subvention scheme facility and are finding it difficult, will be addressed separately.

On July 23, 2019, the top court held that no accounts were prepared for years 2015-2018 and money withdrawn was diverted during the said period. Therefore, the Court cancelled the registration of Amrapali Group under the Real Estate (Regulation and Development) Act, 2016, and ousted it from its prime properties in NCR by nixing land leases for breaching the buyers’ trust.

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