Furnish details of funds invested in projects: SC to Amrapali

Furnish details of funds invested in projects: SC to Amrapali
22/02/2018 , by , in News/Views

The Supreme Court asked the embattled real estate firm Amrapali Group to furnish by tomorrow 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, appearing for Amrapali Group, to submit by tomorrow 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 today.

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.

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