Above: An artist impression of one of the housing projects of Amrapali Builders  

The Supreme Court on Thursday (February 22) told Amrapali Builders to submit the affidavit first that they will be liable for dire consequences if they could not complete the construction of residential towers in time.

“Timely execution of work is important. Only upon the undertaking such permission will be given,” the Court said.

The apex court was hearing a clutch of petitions filed by flat buyers who have demanded reversing of the September 4, 2017’s National Company Law Tribunal order and said the suspension mandated under the provisions of the Insolvency and Bankruptcy Code, 2016, is ultra vires of Article 14 (equality before law) of the Constitution.

The Court gave the directions after the counsel appearing for the Amrapali Builders submitted to the apex court that as per RERA act the buildings have been made and that Amrapali will complete the tower if time is given.

Counsel further requested the Court to allow the builders to complete the towers one by one so that whatever money will be generated from one will be put for development of other tower.

To which the Court asked the counsel: “How many towers you assure to cover in one row.”

The counsel said: “19 towers,” adding, “RERA and insolvency code will not be applicable here”

Court tells counsel that interest of owners should be protected as per the agreement.

Court permitted the Amrapali Builders to immediately start the project as per the arrangements proposed.

“In order to examine the credibility and progress of the project, one month time is granted. In between the information regarding the completion of the project and assurance to the home buyers has to be rendered by the builders,” the Court said.

The Court kept the next date for hearing to March 27 thereby directing the Amrapali builders to finish certain projects and towers and also told it to submit the undertaking within two weeks i.e on March 7.

                        —India Legal Bureau