Don't play smart, otherwise you will be homeless: SC to Amrapali

The Supreme Court on Wednesday asked directors of the Amarpali Group to file details of all their movable and immovable assets along with valuation, and warned them that they would be rendered homeless if they tried "to play smart." A bench of Justice Arun Mishra and Justice UU Lalit clarified that all the properties of the directors would be sold if the company failed to raise Rs 5,112 crore required to complete its unfinished housing projects. The apex court also directed the company to furnish details on how it intends to arrange Rs 5,112 crore.

The company directors were asked to file affidavits within 15 days listing their movable and immovable properties. When the company's counsel Gaurav Bhatia told the court that home buyers will also pay to help it raise Rs 5,112 crore, the court said, "Home-buyers will not pay a penny."

"Don't burden home-buyers. Don't try to be smart. Tell your directors also. Tell us how you intend to arrange the money? Otherwise, you will be rendered homeless," the bench told the counsel.

The court told the directors that as they had made buyers wait for their homes, they will also search for their homes if they don't submit the plan to arrange for money for the unfinished projects.

"Days are not away when you (the directors) will compel us to do this. If you compel us, we will take every strip (of land). Next time, come (to the court) with the proposal," the top court observed.

When the court was told that power supply at 2 projects of Amrapali has been disconnected, it ordered the restoration of electricity.