Will render Directors, Promoters homeless, SC warns Amrapali Group

The Supreme Court on Wednesday tightened the noose on the Amrapali Group and warned the Directors and Promoters of the Company of dire consequences should they fail to raise money to finish the housing project..A Bench of Justice Arun Mishra and Justice UU Lalit which is hearing a batch of petitions filed against the construction company for the delay in handing over possession of houses, cautioned the group “not to play smart with the Court”..The Amrapali group, according to its Counsel Gaurav Bhatia, requires over Rs. 5,000 Crore to finish the pending projects. The Group, however, submitted a list of properties worth Rs. 400 Crores which can be sold off immediately for the purpose of raising funds..This proposal irked the Bench which proceeded to warn the group that the Court would render the Directors homeless and leave them waiting, the same way the homebuyers were left in the lurch..Justice Arun Mishra remarked,.“We will sell all of your property and we will render you homeless. You have left people waiting for years for houses and you will now have to search for house, if you compel us.” .The Court then directed the Directors and Managing Directors to furnish details of all their movable and immovable properties within 15 days..The Court also sought details of bank accounts of all Directors including ones who have remained Directors at any point of time from 2008 till date..“Let the entire information be furnished with respect to the persons who have remained Directors w.e.f. 2008 till date, at any point of time of the aforesaid companies of which list have been furnished. Let the details along with the bank accounts of all such Directors be furnished within fifteen days.”.The group was also directed to submit details of the amount collected from the homebuyers for the purpose of electricity and maintenance. The electricity distribution companies Paschimanchal Vidyut Vitaran Nigam Limited (PVVNL) and Noida Power Company Limited (NPCL) of Noida have been ordered by the Court to restore electricity connection of the inhabitants of two of Amrapali’s projects. In case of any dues for the month of July, the inhabitants of the houses are directed to make the payment in that regard to Amrapali..Additionally, the Court has also directed the group to submit a proposal to raise the requisite amount to complete the unfinished projects..In accordance with the previous order of this Court, the National Buildings Construction Corporation (NBCC) will take over and complete all of Amarapali’s pending projects. The Court had observed that the funds raised by Amrapali group will be handed over to NBCC for this purpose..The Court will hear this matter next on August 21 at 2 PM..Read Order: