Senior Advocate R Venkitaramani, who had been appointed receiver by the court, had suggested that it would be better to auction the properties. To which, the bench said this will help speed up the completion of the lagging projects.
The court also directed that Rs 7.16 crore out of the amount deposited by the Amrapali group in its Registry be given to the National Buildings Construction Corporation (NBCC), which has been entrusted with completing the group’s unfinished projects.
Defaulting builders and desperate homebuyers — an all-too-familiar script in Noida and Greater Noida could see a twist after a Supreme Court intervention. The Indian Express look for its echoes on the ground
The court sent Amrapali Group's chief financial officer Chander Wadhwa and statutory auditor Anil Mittal to police custody after the Economic Offence Wing (EoW) of Delhi Police claimed they were instrumental in creating a large number of bogus companies.
On Tuesday, the Supreme Court cancelled the registration of the Amrapali Group under the Real Estate Regulatory Authority (RERA). The court also cancelled the lease granted to the company by Noida and Greater Noida authorities for its properties.
Dhoni’s wife Sakshi Singh Dhoni was a director and a 25 per cent shareholder in a group company called Amrapali Mahi Developers Pvt Ltd, where Amrapali Group CMD Anil Kumar Sharma held the remaining 75 per cent stake.
The Amrapali Group has been accused of raising funds from investors for housing projects, but failing to complete and deliver the same. Homebuyers had moved the Supreme Court in 2017 seeking possession of their homes and compensation for the delay in delivery.