SC forms committee to auction Amrapali properties

SC forms committee to auction Amrapali properties
14/01/2020 , by , in News/Views

The Supreme Court on Monday formed a four-member committee to accelerate the auction of the assets of defunct Amrapali group to generate funds for incomplete housing projects. The committee includes two forensic auditors.

A bench of Justices Arun Mishra and U.U. Lalit formed the committee comprising Rajiv Bhatia and Pawan Aggarwal (forensic auditors), court appointed receiver and senior advocate R. Venkatramani, who will assist the state-owned MSTC to auction the assets, and D.K. Mishra, a chartered accountant.

The court asked NBCC to begin work on seven projects as soon as possible, and expeditiously roll out the tenders for these projects in Noida and Greater Noida.

The court noted that the committee will see properties should be sold first, which includes identifying the market value, as funds are primary to complete the unfinished projects.

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