Rs 8,500 crore required to finish pending Amrapali projects: NBCC to SC

By Avishek Dubey
Photo: Samrat Roy
Posted: Sep 04, 2018

The National Buildings Construction Corporation Limited (NBCC) on Tuesday submitted its report in the Supreme Court stating that it requires Rs 8,500 crore to finish 46,575 flats in projects of Amrapali Group. The SC will now hear the case on September 6.

According to a buyer, KK Kaushal, “The counsel of NBCC, Pinky Anand, said in the court that NBCC cannot do any financial help on behalf of Amrapali Group. Court also gave the responsibility to NBCC to complete all the pending projects of Amrapali Group.”

The court asked the Amrapali Group's auditor, “Where the buyer's money went which is around Rs 2500 crore? Why are they not accounting for these rupees? Such kind of performance is not worthy of apology by the company with the kind of buyers' capital involved in it.”

The court also asked the auditor of the Amrapali Group to give the bank account details of all the 40 directors in the company. The court also passed the request for the forensic report of the company.

The NBCC said to the court that Amrapali’s assets should be sold and that money can be utilised for the completion of pending projects. The court said that they will order for the auction but they need to know which asset should be sold and the value of the assets should be known.

Buyers said that the court had auctioned the Unitech properties to complete the Unitech projects and the same should be done with the Amrapali Group so that the pending projects get completed.

Amrapali Group is yet to deliver around 42,000 flats in 10 housing projects in Gautam Budh Nagar.

Last year, Bank of Baroda had filed an insolvency petition before the National Company Law Tribunal (NCLT) after Amrapali failed to repay a loan of Rs 56 crore. The move caused panic among homebuyers as according to them, their investment would not be protected under the insolvency and bankruptcy code as NCLT would give preference to banks before buyers.

In September 2017, a group of homebuyers from Noida had filed a plea in the Supreme Court seeking protection of their investments.

In January this year, buyers of five other housing projects which were stuck in Greater Noida also filed similar pleas. The Apex court clubbed all the pleas and started the hearing.

TAGS: National Buildings Construction Corporation Limited / NBCC to SC / Amrapali case in SC / Pending projects of Amrapali Group / Counsel of NBCC / Supreme Court of India / Noida news



Rocky Verma

Posted 8 months ago



Posted 8 months ago

Where is the accountability of the fraudsters in India? Builders without exception have taken the home buyers for a ride. It is time for SC to make all of them homeless, literally, so that they atone for their crimes.