Amrapali proposes that NBCC make its unsold, future projects
NEWDELHI: Embattled real estate major Amrapali Group told the Supreme Court that it is in talks with the Centre for construction of its pending, unsold and future projects by National Buildings Construction Corporation (NBCC) and has already submitted a proposal in this regard.
The company said if the plan is accepted then it would not need any co-developer for completion of its pending projects.
A bench of justices Arun Mishra and U U Lalit gave 10-day time to the real estate group for furnishing details of the proposal and the outcome of the meeting with the Ministry of Housing and Urban Affairs (MHUA) and other stakehold- ers.
Senior advocate P S Patwalia, appearing for the firm, said that they had submitted a proposal to the MHUA a few days ago and on Wednesday a meeting was held with officials of the ministry, chairman of NBCC, CEOS of Noida and Greater Noida.
“Next meeting is scheduled in next 8-10 days. We want NBCC to take over our existing, unsold and future inventories. NBCC is also looking forward to take over our properties. If the proposal is accepted we won’t need any more co-developers. Give us 10 days time for the outcome of the meeting,” Patwalia said.
The bench said since its last order, there were some amendments made in the law by the government therefore it does not want to come in between.
Additional Solicitor General Vikramjeet Banerjee, appearing for the Centre, told the bench to clarify that it should not be construed that NBCC will be taking over the projects on court’s direction but it may be done pursuant to a proposal given by the builder.
The bench said it will record the statement of Patwalia, who is the counsel for the builder that a proposal was given by the Amrapali Group.
The court then asked Patwalia about the compliance of its earlier direction of depositing ₹250 crore in an escrow account to be paid to co-developers on completion of the pending projects.
Patwalia said that it was not deposited due to the current developments.