Sc seeks details from amrapali
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.