SC tells Amrapali to finish work on Leisure Valley
Look at the plight of the homebuyers. They have been waiting for 89 years. They have invested their money... Whatever proposal you are bringing, they (homebuyers) must be satisfied.
THE SUPREME COURT
NEWDELHI: In a relief for over 1,600 families, the Supreme Court on Thursday asked the Amrapali Group to complete unfinished work in its Leisure Park housing project in Greater Noida so that homebuyers can get possession of their houses soon.
A day after the court indicated it would supervise completion of Amrapali’s projects, a bench of justices Arun Misra and AK Roy ordered: “In view of submissions made by rival parties we permit the respondent (Amrapali) to start works proposed in the units as listed on the basis of the arrangement proposed by it.”
The apex court fixed March 27 as the date to examine the bonafide of the proposal made by the realty group and the progress made. On the next date, Amrapali also has to furnish a concrete proposal, giving details of how its collaborators — those who have shown interest to provide financial assistance to the company — will render their support.
“We part with this belief that the developer will be true to their assurances made to this court and also the homebuyers,” said the court, asking the firm to furnish an undertaking before the court by March 7. There are 22 towers in the Leisure Park project, of which 19 are close to completion, the court observed.
“The homebuyers’ concern is also shared by the court at this stage. There is evident financial crunch. Thirteen developers are willing to help you. To this extent, we are okay. Look at the plight of the homebuyers. They have been waiting for 8-9 years. They have invested their money... Whatever proposal you are bringing, they (homebuyers) must be satisfied,” the bench told Amrapali’s counsel, senior advocate Ranjit Kumar.
Lawyers appearing for buyers had opposed Kumar’s prayer to let it seek financial help from collaborators. They said the collaborators must commit to the court or Amrapali should furnish an undertaking on their behalf.
On March 27, the SC will also hear homebuyers who want refund of their money invested in projects that are yet to start.
The SC is hearing the petitions of the homebuyers, who have challenged the insolvency proceedings initiated by National Company Law Tribunal (NCLT) on a plea filed by Bank of Baroda. The NCLT had, in September 2017, initiated proceedings against Amrapali after the builder defaulted on a loan of ₹56 crore from the bank.