SC orders auction of 16 Amrapali properties to fund its pending projects

By Avishek Dubey
Photo: Supplied
Posted: Sep 12, 2018

The Supreme Court today ordered the selling of all unencumbered commercial properties of Amrapali group to raise funds for the stuck projects. It approved a list of 16 such properties for the auction.

The task has been assigned to Dharmendra Singh Rathore, an officer of the Debt Recovery Tribunal (DRT). The sum thus recovered would be handed over to the National Building Construction Corporation (NBCC) for completing the work of unfinished projects in A, B and C categories.

The Supreme Court expressed displeasure at the fact that Amrapali CMD, Anil Sharma, had tried to hide his assets. The court asked the CMD to again produce a list of all commercial properties owned by the firm within the next seven days. It also ordered the forensic audit of bank accounts of Amrapali, its owners and directors to ascertain the extent of the fraud.

The builder was also questioned on why it had not filed income tax returns between 2015 and 2018.

In the previous hearing, the CMD had declared assets worth Rs 67 crore. However, during Lok Sabha elections in 2014, when Anil Sharma was contesting from Jehanabad in Bihar he had declared assets worth Rs 847 crore. What happened to the assets in the last four years, asked the court.

Next hearing has been scheduled for September 27, but the builder has to appear at the DRT office on September 25. A representative of the buyers and officers of  Noida Authority and Greater Noida Authority are also to be present on the day. 

TAGS: SC / Supreme Court / Amrapali group / unencumbered commercial properties / auction / National Building Construction Corporation / NBCC