SC directs MSTC to auction attached properties of Amrapali Group
To ensure speedy disposal of attached properties of now defunct Amrapali Group of Companies and its directors, the Supreme Court on Monday brought the Metal Scrap Trade Corporation (MSTC) to auction them and deposit the cash with the apex court registry.
The top court said that the funds collected through auction of properties will help in speedy completion of stalled projects and bringing back the confidence of home buyers.
A bench of Justices Arun Mishra and U U Lalit accepted the suggestion of senior advocate R Venkataramani, appointed as court receiver by the top court for auctioning of the attached properties of Amrapali.
The top court directed the relevant documents of the attached properties, which were with the Debt Recovery Tribunal be given to the MSTC, which would auction the assets and deposit the amount with the apex court registry.