Supreme Court Forms Panel For Speedy Auction Of Amrapali Properties

The Supreme Court Monday constituted a four-member committee, including two of its forensic auditors, for speedy disposal of assets in the auction of the now-defunct Amrapali Group to raise funds for several stalled projects.

The top court also asked NBCC (India) Ltd. to expeditiously start work on seven stalled projects of Amrapali Group.

A bench of Justices Arun Mishra and UU Lalit constituted the committee comprising Rajiv Bhatia and Pawan Aggarwal (forensic auditors); court-appointed receiver, senior advocate R Venkatramani who will assist state-owned MSTC Ltd. to auction the assets of Amrapali Group, and DK Mishra, a chartered accountant.

"The committee will look into which properties should be sold first, what is its market value and how much revenue could be generated. Each and every thing will be seen by the committee. We need funds to complete the stalled projects," the bench said.

It directed the NBCC to take up the construction work expeditiously and directed the apex court registry to pay Rs 14 crore to it for the work it has completed so far.

The top court asked the NBCC to start the tender process for all the seven stalled projects of Amrapali in Noida and Greater Noida areas.

It was informed that till now eight luxury cars which were attached on the court's order had been sold by MSTC along with three apartments.

The bench posted the matter for further hearing on Feb. 17.

On Dec. 18 last year, the apex court had directed SBICAP Ventures Ltd., which manages government-sponsored Special Window for Affordable and Mid-Income Housing fund, to take a call within 10 days on financing the completion of stalled projects of Amrapali.

The top court had directed Venkatramani, who has been appointed custodian of properties of Amrapali Group, to make an application to SBICAP Ventures and furnish the requisite information with regard to the projects.

It had asked the banks who have entered into loan agreements with the homebuyers directly or through Amrapali Group, to clear their stand on the suggestion of the court receiver that interest amount levied on defaults of the builder and homebuyers should be waived.

The top court had also authorised the NBCC in consultation with the receiver, to undertake all urgent works such as lift erection, electricity, water connection and other remedial works and said that the funds required in this regard be made available on intimation to be received.

Earlier, the apex court had cracked its whip on errant builders for breaching the trust reposed by home buyers and ordered cancellation of the registration of the Amrapali Group under real estate law RERA, and ousted it from prime properties in the NCR by nixing the land leases.

It had directed the state-run NBCC to complete the stalled projects of the Amrapali Group, whose directors Anil Kumar Sharma, Shiv Priya and Ajay Kumar are behind bars on the top court's order.

It directed the Centre and states to ensure that real estate projects are completed in a time-bound manner as contemplated in RERA and home buyers are not defrauded, and ordered the Noida and Greater Noida authorities to give completion certificate to the homebuyers of Amrapali group who are already residing in various projects.