Monday, March 4, 2024

Amrapali Project: Supreme Court to hear petitions on Saturday

The Supreme Court has decided to hear a batch of petitions concerning the unfinished and debt ridden Amrapali projects by holding Court on this Saturday.

The case shall be heard by the  bench of Chief Justice of India UU Lalit along with Justice Bela M Trivedi on Saturday.

The bench during the hearing will examine the report compiled and worked by Senior Advocate R Venkataramani, who is the receiver appointed by the top court in the case.

Advocate R Venkataramani has proposed for a plan to alter the layouts and land use for the proper palnning of the project.plans of the project.

A plea was filed by the Bank of Baroda, on October 2017 before the National Company Law Tribunal (NCLT) to recover its ₹97.30 crore, dragging the Amrapali Group to corporate insolvency proceedings.

A resolution professional was appointed by the NCLT for taking control of the situation.

In the year 2017, a group of buyers filed a plea in the Supreme Court in November 2017. The Supreme Court however, asked Delhi police to arrest directors of the Amrapali for cheating homebuyers in the year 2019.

The Supreme Court then appointed a receiver on July 23, 2019, to manage the debt-ridden Amrapali Group’s housing projects.

The task assigned to the receiver was to carry out registration of ready flats, accepting payments from buyers, selling unsold units, and dealing with the state-owned NBCC (India) Ltd, which was asked to complete the remaining construction.

The court receiver has reported that he has a revision in layout as there is a plan to make residential towers at spaces where low-rise commercial projects were approved in the original plan.


News Update