SC Seeks Amrapali Group's Response On 700 Homebuyers' Plea

SC Seeks Amrapali Group's Response On 700 Homebuyers' Plea

SC Seeks Amrapali Group's Response On 700 Homebuyers' Plea
Amrapali Grand in Greater Noida. (PropTiger)

The Supreme Court on October 27 sought the response of real estate major Amrapali Group on a plea filed by around 700 homebuyers, who had booked their homes in its projects. A Bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud issued a notice to the real estate company, and said it had already restrained the company promoters ─ Anil Kumar Sharma, Ajay Kumar and Shiv Priya ─ from leaving the country without its permission.

On October 13, the SC had issued a notice to the Amprapali Group, its promoters and the Ministry of Finance on another petition filed by homebuyers, and asked the promoters not to leave the country without its permission.

The lawyer representing the buyers told the court investors had neither received possession of their flats nor the refund.sed land bank of 35 million square foot, and Rs 4,300-crore fund collected from buyers.

Also read: Your Developer Is Going Insolvent? You Can Claim Your Money Back

The earlier plea, by the Amrapali Silicon City Flat Owners Welfare Society, was filed against an order of the National Company Law Tribunal (NCLT) that admitted Bank of Baroda's insolvency petition against Amrapali's Silicon City project in Noida in Uttar Pradesh.

The apex court also directed that senior advocate Shekhar Naphade along with Advocate on Record Shubhangi Tuli will participate in the meetings of the Committee of Creditors under Section 21 of the Insolvency and Bankruptcy Code, 2016, to ensure the cause of the homebuyers and protect their interests.

Crisis scale

The group has a standing liability of Rs 1,000 crore to about 10 banks. Additionally, the group owes about Rs 3,000 crore to Noida and Greater Noida authorities, the two areas where the group has the highest number of residential projects. Also, it would require about Rs 3,000 crore to complete its various ongoing projects.

On the bright side, Amrapali has a licensed land bank of 35 million square foot, and Rs 4,300-crore fund collected from buyers.

Also read: Jaypee Insolvency: SC Directs Developer To Deposit Rs 2,000 Cr By October 29

The grand spread

Here is a snapshot of the various projects of the group in the national capital region, as mentioned on its official website:

Completed projects

Among the completed projects of the group are:

  • Noida: Amrapali Exotica
  • Greater Noida: Amrapali Grand
  • Ghaziabad: Amrapali Green, Amrapali Vaishali, Amrapali Royal, Amrapali Village
  • Lucknow: Amrapali Awadh

Noida

  • Sector 76: Amrapali Aurum Towers, Amrapali Silicon City, Amrapali Cloud Ville, Amrapali Crystal Homes, Amrapali Princely Estate
  • Sector 120: Amrapali Zodiac
  • Sector 119: Amrapali Platinum, Amrapali Titanium
  • Sector 45: Amrapali Sapphire
  • Sector 50: Amrapali Eden Park

Greater Noida

  • Greater Noida West: Amrapali Augusta Tower, Amrapali Adarsh Awas Yojna, Amrapali High Life II, Amrapali Golf Homes, Amrapali Kingswood, Amrapali Dream Valley (Villas), Amrapali Dream Valley (High-Rise), Amrapali Enchante, Amrapali Centurian Park, Amrapali Terrace Homes, Amrapali Tropical Gardens, Amrapali Courtyard, Amrapali Leisure Park, Amrapali Riverview, Amrapali Castle-Chi-Phi, The Hemisphere, Amrapali Verona Heights, Amrapali Leisure Valley

Ghaziabad

  • Crossing Republic: Amrapali Empire
  • Indirapuram: Amrapali Village-II

With inputs from Housing News

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