Relief for homebuyers, Supreme Court orders NBCC to complete 2 Amrapali housing projects

In a major relief for homebuyers, the Supreme Court ordered the government-owned National Buildings Construction Corporation (NBCC) on Friday to complete the two stalled projects by the embattled Amrapali Group. The top court has now posted the matter for hearing for February 11. The Friday order would spell huge relief for the Amrapali investors also. On December 5, 2018, the Supreme Court had directed attachment of Amrapali Builder's five-star hotel, corporate office and other properties. The top court also directed the Debt Recovery Tribunal to sell the properties of the embattled real estate firm. A bench of Justices comprising Arun Mishra, UU Lalit and DY Chandrachud have been dealing with a batch of petitions filed by home buyers who are seeking possession of around 42,000 flats, booked in projects of Amrapali Group. The company is responsible for diversion of home-buyers' money.

Earlier on November 13, in a massive crackdown on Amrapali Group for "wilful disobedience" of its orders, the top court had attached the company's 100-bed multi-speciality hospital, bank accounts, the building which houses its office, certain firms and a "benami" Villa in Goa.

Post that, the Supreme Court asked the realty firm to reveal the details of all its properties in the name of directors, their family members, relatives, Chief Financial Officers and statutory auditors in India and abroad by December 3.

The court gave one last opportunity to Amrapali Group and its directors and promoters to comply with each and every direction passed by the court since May last year. The Amrapali Group has been also restrained from alienating its companies through which it had transactions and ordered attachment of such firms. The top court has also ordered the firm not to create any third party rights for 86 luxury cars and SUVs purchased from the company's funds.