Sc seeks de­tails from am­ra­pali

Realty Plus - - News -

In a bid to as­cer­tain whether there was any ‘si­phon­ing’ of funds, the Supreme Court, on April 11, 2018, asked real es­tate ma­jor Am­ra­pali Group, to pro­vide de­tails of the money it had col­lected from the home buy­ers and how much it had in­vested in its hous­ing projects. The apex court also asked the Group to ap­prise it, on whether there was any out­stand­ing amount, which was to be paid by the home buy­ers to it and how much more fund was re­quired to com­plete the projects. The Am­ra­pali Group had ear­lier given the de­tails of its on-go­ing hous­ing projects, stages of work and the likely time to com­plete con­struc­tion. How­ever, the lawyer said there were cer­tain de­fi­cien­cies in these projects, with re­gard to fire-fight­ing equip­ment, lifts, wa­ter sup­ply, sewage, power backup, park­ing, CCTVS and oth­ers. The coun­sel for the home buy­ers told the court that there was a de­lay of years, in hand­ing over the pos­ses­sion of flats to the buy­ers, due to which they had suf­fered a lot. The com­pany, which is fac­ing in­sol­vency pro­ceed­ings ini­ti­ated by the cred­i­tor bank for not re­pay­ing the loans, had ear­lier told the top court in an af­fi­davit that it was not in a po­si­tion to com­plete the projects and hand over pos­ses­sion of flats to over 42,000 home buy­ers, in a time-bound man­ner. It had also said that the prop­er­ties were needed to be de­vel­oped, with the help of co-de­vel­op­ers.

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