Will SC be able to help Amrapali and homebuyers iron out their differences?
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Will SC be able to help Amrapali and homebuyers iron out their differences?

The court has called for a meeting on March 17. On the other hand, the next hearing of the case will be held on March 27. 

Will SC be able to help Amrapali and homebuyers iron out their differences?

Today, the Supreme Court has called for a meeting between the management of the Amrapali Group and its home buyers on March 17. The next hearing will be done on March 27.

“The meeting will be held at the consultation room of the apex court. It will also be attended by officials of the Noida and Greater Noida Authority. The construction status of all the projects under this real estate development major shall be discussed,” said advocate Kumar Mihir, who represents the homebuyers. He added, “The deliberations shall be documented on video and after reviewing the same the court shall take a decision on the construction timelines of various projects.”

On February 22, the court had ordered the real estate major to submit an undertaking in relation to the construction of 19 towers in its Leisure Park project. The court wanted the group to complete the construction of these towers on a priority basis. Further, it had also directed the realtor to wrap up the construction of 1,665 flats (under various projects), which are almost ready for possession. For this, the court had allowed the realtor to partner with 13 developers. Talking to City Spidey today, a court representative stated that this undertaking has been submitted.

Apart from the undertaking, the real estate company had been asked to furnish details of its collaborators (who are providing funding and other assistance). It had also been instructed to file a status report of its projects. “The court intends to utilise this status report to monitor the progress of the ongoing projects,” a homebuyer informed City Spidey.

The Amrapali Group had made a comprehensive proposal in terms of its strategy of delivering 41,000 flats (across projects). All the court submissions are in line with this proposal.

In September last year, the National Company Law Tribunal (NCLT) had initiated insolvency proceedings against Amrapali Silicon City, on a plea by Bank of Baroda. The builder had defaulted on a loan of Rs 56 crore.

NCLT had appointed Rajesh Samson of Deloitte Touche Tohmastu India LLP as the interim resolution professional (IRP) in the case.