The appointed court receiver proposed that home buyers should deposit outstanding funds of their flats.
After the landmark judgment of the Supreme Court to cancel the Amrapali Group’s license and appoint state-run National Buildings Construction Corporation (NBCC) to complete all the stalled projects, there has been quite a headway towards realising the dreams of thousands of home buyers.
The judgment by the top court revived the hope of nearly 40,000 home buyers, who either have been fighting the case at different benches of the top court individually or collectivity against the developers.
Many people, who luckily got their flats in different projects of the group in Noida or Greater Noida were not fortunate enough to get the flats with all the basic amenities, such as lifts, electricity, maintenance, etc which were required to live in a high rise.
The bench of two justices, Arun Mishra and UU Lalit, in a further step directed NBCC to submit a detailed plan to complete projects and directed Noida Authority and Greater Noida Authority to start flat registration process.
To ensure that flat registration process is conducted in a transparent manner, the bench appointed senior advocate, R Venkatatramani, as the court receiver to keep a close eye on the process.
The court said, “The receiver is vested with the power of finalising the terms of the tripartite agreement. The process of verification of all the home buyers eligible for registration to be made on the basis of instructions issued by the receiver for registration of the tripartite agreement.”
The appointed court receiver proposed that home buyers should deposit outstanding funds of their flats. The initial step appears to have come with an idea to generate money to invest in the construction of projects. As per reports, Rs 8,500 crore is needed to complete all the projects, out of which around Rs 2,600 crore is to be paid by home buyers.
The court stated, “Proposal made by the receiver that the outstanding bank loan amount to be disbursed to the home buyers. All the home buyers, who have been directed to deposit their respective dues, shall calculate the amount on the basis of the home buyers’ agreement, such as service tax prevailing at the time of the home buyers’ agreement.”
The court’s judgment further reads, “However, with the respect of service tax component to be deposited by the home buyers, we clarify that they are liable to pay only to the extent of their liability existed at the relevant time and to the extent they have not paid the amount to the developer.”
The apex court made it clear that the home buyers have to furnish all the required papers to ensure authenticity while paying their dues. “Name of the home buyer, amount they have to deposit, outstanding amount to be deposited by them and the project in which they have enrolled,” the court said.
“The home buyers can download the challan in tripartite and deposit the amount through pay order/demand drafts/cash as the case may be directly in the UCO Bank and submit a copy of each challan in the registry and inform the court receiver,” it said.