The detailed project is to be submitted within a week's time to the court. The next date of hearing has been scheduled for February 21.
The Supreme Court today ordered realtor Amrapali Group to submit to the court a comprehensive plan on how it plans to deliver 41,000 flats to homebuyers in various project within a week’s time.
The next date of hearing has been scheduled for February 21.
KK Kaushal, a flat buyer of Amrapali Group, told City Spidey that Amrapali Group presented local realtor Galaxy Group as a co-developer.
“Galaxy Group has a corpus of Rs 500 crore, which it wants to invest in the five projects of Amrapali,” explained a buyer.
The SC also asked Galaxy Group to submit a plan on how it plans to work with Amrapali Group, and start construction. “These details, too, are to be submitted to the court within a week,” Kaushal added.
Amrapali has liabilities to the tune of Rs 3,000 crore to official agencies, and owes more than Rs 1,000 crore to about 10 banks. The realtor needs about Rs 3,000 crore to complete all its ongoing projects.
The court also ordered Amrapali Group to pay up 10 per cent of the Rs 650 crore in land due to Noida Authority. It also directed the builder to put in place all fire-safety measures and electrical equipment in Phase I of Amrapali Silicon City project.
On September 4, National Company Law Tribunal (NCLT) admitted insolvency proceedings against Amrapali and appointed an interim resolution professional to manage the company.
Under the order, the tribunal issued a moratorium prohibiting any fresh proceedings, or continuation of any proceedings, against Amrapali Silicon City.
