We Will Leave Promoters, Directors Homeless, Supreme Court Warns Amrapali

NDTV Profit Desk

08 Aug 2018, 05:18 PM IST

The next hearing of the case has been fixed for August 14.

The Supreme Court directed Amrapali Group directors and promoters to file details of all their movable and immovable assets and their valuation within 15 days.
"Either you give home or flats to homebuyers or else we will sell all your flats to ensure raising the required amount of the funds so that the unfinished projects can be constructed. We will make you homeless, unless you give the flats to the homebuyers," said the bench led by Justices Arun Mishra and U U Lalit.
The top court directed the group to submit a proposal on selling of its assets to raise Rs 4,000 crore to enable completion of housing projects.
"The real problem is that you have delayed giving possession of homes. Do not play smart with the court or be ready to face the consequences," the bench said.
The court was hearing petitions by homebuyers against the Amrapali Group for not handing over the flats to them.
The next hearing of the case has been fixed for August 14, according to a report by news agency Asian News International.
The top court enquired about the details of its serving directors and those who have left the Amrapali Group since 2008, according to a report by news agency Press Trust of India (PTI).
The Supreme Court, however, asked power companies to restore the electricity at two projects of the group which was disconnected owing to arrears. The National Buildings Construction Corporation (NBCC) India Ltd had on August 2 told the Supreme Court it was ready to undertake projects of the Amrapali Group of companies, which has failed to hand over possession of flats to around 42,000 home buyers, the PTI report stated.
The top court had earlier cracked the whip on the group for playing "fraud" and "dirty games" with the court and ordered attachment of all the bank accounts and movable properties of 40 firms of the real estate major.
It had directed the group to place before it the details of all of its bank accounts from 2008 till date and ordered freezing of bank accounts of the directors of its 40 firms, besides attaching their personal properties. (With agencies inputs)