In order to ensure disposal of attached properties of Amrapali Group, the Supreme Court on Monday asked the Metal Scrap Trade Corporation (MSTC) to carry out auction and submit the deposited cash to the apex court registry.
The top court said tha funds generated through the auction of the properties will be used to expedite the completion of stalled projects. The direction is expected to bring back the confidence of the buyers who have been struggling to get possession of flats.
The apex court also directed the Debt Recovery Tribunal to submit the relevant documents of the attached properties to the MSTC which will be responsible to dispose off the assets and deposit money.
The top court also asked Orissa State Housing Board to deposit Rs 34 crore with the apex court registry which was deposited by Amrapali Group for developing a housing project.
It said that there will not be any forfeiture of any amount deposited by Amrapali as it was the homebuyers' money which was diverted by the real estate group. Similarly, it also asked the Raipur Development Authority to deposit Rs 19 crore with the apex court registry.
The counsel for Raipur Development Authority said that Rs 19 crore was deposited by Amrapali Group for the lease of three land plots for development into a housing society but the agreement was never fulfilled and the authority had to cancel the contract.
“There are adverse finding against you all in the forensic audit and despite that you have not complied with our orders to return the money. Forensic auditors have found that there was a transaction of Rs 167 crore. It was homebuyers' money and you have to return that money or face the consequences,” the bench said.
The top court also restrained the Noida Authority from creating any rights or alienating the land of the Amrapali Heartbeat City whose lease was recently cancelled.