SC issues notice to Amrapali builders on plea of flat buyers for staying of insolvency proceedings

The Supreme Court on Friday issued notice to real estate firm Amrapali builders on plea of flat buyers for staying of insolvency proceedings against the company. The notice is returnable within four weeks.

The SC has also sent notices to Centre, Reserve Bank of India and Bank of Baroda.

A total of 55 flat buyers in Amrapali’s Greater Noida project had filed petition in Supreme Court against the company.

Last month, Noida police had registered cases against 13 project directors for allegedly cheating buyers.

The PRO of the Senior Superintendent of Police, Prabhat Dikshit on Saturday said that nine cases have been registered against Amrapali Builders, one against Amrapali Builders and three against others.

Dikshit said, “Flat buyers had put their grievances at a function attended by some ministers on Thursday. They had alleged that they had been cheated by the builders.”