The Supreme Court on Wednesday asked the real estate major Amrapali Group to file a detailed proposal on selling off its assets to raise Rs 4,000 crore to ensure completing the pending housing projects. The court warned the directors of Amrapali Group “not to play smart” or it will render them homeless. It said that it may sell each and every property of them to recover the cost for construction of pending projects.
“Either you give home or flats to home buyers 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,” the court observed.
The court also sought valuation report of movable and immovable properties of Managing Director and Directors of Amrapali Group within 15 days. It also demanded reports of directors who are serving or have left the Amrapali group since 2008.
The court further asked for details of the companies looking after the maintenance of Amrapali projects and the funds they have collected and disbursed. It also directed the power companies to restore electricity in two Amrapali group projects, which was disconnected due to arrears immediately.
Earlier this week, the National Buildings Construction Corporation (NBCC) Ltd had agreed to “undertake” the unfinished projects of the Amrapali group. A bench of Justice Arun Mishra and Justice U U Lalit gave the NBCC time till September 4 to submit the plan, indicating how it proposed to complete the projects and a timeline for the same.