The SC was hearing the case regarding the diversion of public money by the promoters of Amrapali Group.
The Supreme Court on Friday reserved the order in the Amrapali case which was filed by a batch of home buyers. It was hearing the case regarding the diversion of public money by the promoters of Amrapali Group.
The apex court had earlier indicated that the responsibility to complete the pending projects might be given to Noida and Greater Noida Authority.
During the hearing, a bench of Arun Mishra and UU Lalit clarified that it would proceed with the sale of each and every property of the Amrapali Group to recover the cost of construction of the pending projects.
However, when the bench asked the counsel of Noida Authority about their proposal, he said that they don't have either manpower or infrastructure to construct such huge projects. He proposed that the constructions can be handed over to reputed developers like National Buildings Construction Corporation (NBCC) or someone else.
When Justice Mishra asked about dues, the counsel said, “A total of Rs 2,191 crore is due. We are charging 11 per cent interest plus 3 per cent penalty rate.”