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Read more about SC to supervise Amrapali projects; wants info on 47 towers, buyers\' money on Business Standard. The firm has sought permission of the court to rope in other builders to complete its various housing projects and hand over possession of flats to the hassled homebuyers

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sc to supervise amrapali projects wants info

SC to supervise Amrapali projects; wants info

on 47 towers, buyers' money

The Supreme Court on Wednesday asked the embattled real estate firm Amrapali

Group to furnish by Thursday details of 47 residential towers, which are nearing

completion, and how much money it had taken from flat buyers as well the

amount invested.

A bench of justices Arun Mishra and Amitava Roy said that the company should

also give details about the funds which have been frozen after the start of

insolvency proceedings.

"Our ultimate concern is that home buyers should get their flats as early as

possible. You (Amrapali) should give the details by tomorrow of how much money

of yours has been frozen.

How much money you have taken from home buyers and how much money you

have invested?," the bench said.

the top court asked senior advocate ranjit kumar

The top court asked senior advocate Ranjit Kumar, appearing for Amrapali Group,

to submit by Thursday details of 47 residential towers, which the company claims

to be nearing completion in next 14-16 months.

"We can ask them to deposit the money in the court-monitored bank account and

that fund will be given to you only after the developer finishes the work in 47

towers," the bench said while clarifying that it will adjudicate the issue phase

wise.

Kumar told the bench that it will need around Rs 130 crore to finish the work in

47 towers, but he will furnish the exact details by Thursday.

The bench posted the matter for Thursday.

The firm has sought permission of the court to rope in other builders to complete

its various housing projects and hand over possession of flats to the hassled

homebuyers.

The company, which is facing insolvency proceedings initiated by the creditor

bank for not repaying the loan, had told the top court in an affidavit that it was

not in a position to complete the projects and hand over possession of flats to

over 42,000 home-buyers in a time-bound manner. It had said the properties

were needed to be developed with the help of co-developers.

It claimed that many firms have expressed interest in taking over and completing

these housing projects.

Apart from the massive inventory which has been sold and is at various stages of

development, the ongoing projects of Amrapali group have vacant land available

(earmarked for future development) which can be developed with the assistance

of co-developers and, subsequently, sold to prospective buyers.

"This would provide for the necessary liquidity and cash flows for payment to the

creditors and also investments in projects that unfortunately have negative cash

flows, the company had said in its affidavit.

It had urged the court to allow co-developers "to come in to construct, develop

and deliver homes in certain under-construction projects of the group.

"The plan will not only provide for speedy construction of houses but would also

facilitate and ensure payments to all the creditors, including those who have

already approached the NCLT for insolvency proceedings," it said.

the top court had on january 31 asked the firm

The top court had on January 31 asked the firm to submit a comprehensive plan

with a time line on how it would complete its pending projects.

It had also asked the authorities of Noida and Greater Noida, Committee of

Creditors, the Interim Resolution Professional (IRP) and other parties to file their

responses to the proposal submitted by the company.

The bench had said this was a "serious issue" and a "complicated case" wherein it

has to go into the details of the money paid by home buyers and the loans and

mortgage made to secure that loan.

Amrapali's counsel had said one Galaxy Developers has come forward to develop

the flats in a timely manner.

The National Company Law Tribunal (NCLT) had earlier admitted insolvency

proceedings against Amrapali Group and appointed an interim resolution

professional to manage the affairs of the company on September 4 last year.

The top court is hearing a batch of pleas filed by flat buyers who have sought

quashing of the September 4 last year's NCLT order and said the moratorium

imposed under the provisions of the Insolvency and Bankruptcy Code, 2016, is

violative of Article 14 (equality before law) of the Constitution.

Article By - Business Standard