Top Court Forms Committee For Speedy Auction Of Amrapali Properties

The Supreme Court on Monday formed a four-member committee, including two of its forensic auditors, for speedy disposal of assets in auction of the now defunct Amrapali Group to raise funds for several stalled projects.

The top court told the National Buildings Construction Corporation (NBCC) to start work on seven stalled projects of Amrapali Group.

A bench of Justices Arun Mishra and UU Lalit constituted the committee comprising forensic auditors Rajiv Bhatia and Pawan Aggarwal; court appointed receiver, senior advocate R Venkatramani, who will assist state-owned MSTC to auction the assets of Amrapali Group, and DK Mishra, a chartered accountant.

"The committee will look into which properties should be sold first, what is its market value and how much revenue could be generated. Each and every thing will be seen by the committee. We need funds to complete the stalled projects," the bench said.

It directed the NBCC to take up the construction work expeditiously and directed the top court registry to pay Rs 14 crore to it for the work it has completed so far.

The top court told the NBCC to start the tender process for all the seven stalled projects of Amrapali in Noida and Greater Noida.

It was informed that till now eight luxury cars which were attached on the court's order had been sold by MSTC along with three apartments. The bench posted the matter for further hearing on February 17.

On December 18 last year, the top court had directed SBICAP Ventures Ltd, which manages government sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, to take a call within 10 days on financing the completion of stalled projects of the now defunct Amrapali Group.

The top court had directed Venkatramani, who has been appointed custodian of properties of Amrapali Group, to make an application to SBICAP Ventures and give information on the projects.

It had told the banks that have entered into loan agreements with homebuyers directly or through Amrapali Group, to clear their stand on the suggestion of the court receiver that interest amount levied on defaults of the builder and homebuyers should be waived.