The Supreme Court on Tuesday cancelled the registration of Amrapali group under Real Estate (Regulation and Development) Act 2016 and ordered the National Building Construction Corporation to take over its pending construction projects in Noida and Greater Noida. The top court has said that the NBCC will complete all the remaining projects with its commission fixed at eight percent.
The Supreme Court bench comprising Justices Arun Mishra and UU Lalit, according to Livelaw website, also found Amrapali group guilty of siphoning off homebuyers’ money in connivance with Noida and Greater Noida authorities.
Coming down heavily on the Amrapali group, the Supreme Court also directed the Enforcement Directorate to initiate action under Prevention of Money Laundering Act and Foreign Exchange Management Act against Aamrapali directors and update the court at regular intervals.
The court also asked the central and state governments to take strict actions against the Amrapali group. The top court also cancelled the lease granted by Noida and Greater authorities to the builders for various projects adding that the two authorities had no right to sell the Amrapali group’s properties to recover their dues.
Homebuyers had alleged that they were still waiting to secure possessions around 42,000 flats that they had booked with the Amrapali group.
Last year in October, the Supreme Court had sent three directors of the Amrapali group to police custody for not handing over all the documents of the 46 group companies to forensic auditors. The three directors were Anil Kumar Sharma, Shiv Priya and Ajay Kumar. Taking a dim view of their reluctance to cooperate with the law enforcing agencies, the Supreme Court bench had said that they were playing with the ‘dignity of this court.’