SC Gives Priority To Amrapali Projects Which Are Near Completion

Promoters of Amrapali have been directed to furnish details of all their projects along with the time required to complete them by Feb 22, basis which priority of the project will be decided.

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SUPREME COURT

NEW DELHI: The Supreme Court has decided to hear the cases of the residential projects of Amrapali Group which are nearing completion first.

The bench of Justices Arun Mishra and Amitava Roy was hearing a case filed by 600 home buyers of Amrapali Silicon City through their counsel Ashwarya Sinha.

“The primary objective is to make sure that homebuyers get their home at the earliest,” the court said.

Promoters of Amrapali have been directed to furnish details of all their projects along with the time required to complete them by Feb 22, basis which priority of the project will be decided.

According to Sinha, “Nearly 90% of the flats in Silicon City are complete.” They are expecting the said project to be taken up in the priority list.

The bench said that the court will monitor the process and the money would be deposited with the registry of the court and only upon satisfied delivery of projects, money will be released.

The current case relates to a PIL filed by Amrapali Silicon City homebuyers against the insolvency proceedings initiated by National Company Law Tribunal (NCLT) on a plea filed by Bank of Baroda.

NCLT had in September 2017 initiated insolvency proceedings against Amrapali’s three firms Ultra Homes, Silicon City, and Amrapali Infra, after the builder defaulted on an outstanding loan of Rs 56 crore taken from the bank.

Amrapali Group has a total of 10 incomplete residential projects in Noida and Greater Noida namely Centurion Park, Dream Valley, Golf Homes, Leisure Park, Princely Estate, Silicon City, Smart and Verona Heights.

NCLT had appointed Rajesh Samson of Deloitte as the insolvency resolution professional (IRP) in the Amrapali Silicon City case and advocate Pawan Shree Aggarwal as the IRP in the Centurion Park case.

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1 COMMENT

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