The Supreme Court on Tuesday cancelled RERA registration of the Amrapali Group and asked the National Buildings Construction Corporation (NBCC) to complete all the pending projects of the group. The Supreme Court has pronounced judgment/ order in the ongoing Amrapali matters concerning homebuyers. Bullet points of the hearing are:
1. The court has held that Amrapali has diverted the monies of the homebuyers in collusion with the banks and Noida and Greater Noida Authority. The Court said that the money which was taken from the homebuyers was sufficient for paying the dues of the Authorities and that there was no cause to take Loans from Banks as per the audit report.
2. The court held that the bank officials and the authorities did not monitor the progress of the projects and allowed the builder to divert money.
3. The court has cancelled the builder’s registration under RERA. It has cancelled the leases and sub leases of the properties of the Projects. It further directed the banks and authorities to not take over the mortgaged project lands to realize the dues.
4. The Court held that the dues are to be recovered from the attached property.
5. NBCC has been appointed to complete the project on 8% commission.
6. Buyers have been directed to deposit the money (their dues) with the Court registry within a month which will be paid to NBCC as and when required.
7. All the companies which have been identified by the audit report to have received the homebuyer money through Amrapali will deposit the same in the court within a month.
8. The authorities have been directed to execute tripartite agreements with the homebuyers and issue completion certificates, registration certificates to the buyers where the units/projects are completed or partially completed within the month
9. The ED has been directed to investigate the Builder and others for violating the provisions of FEMA and money laundering etc.
10. Chartered Accountant Council to initiate proceedings against CA Mittal for the irregularities in the Audit report
11. Senior Adv. Mr. R. Venkataramani appointment as court receiver. The leased lands to be taken by him.
12. Next date of hearing before SC on 09.08.2019 to monitor the progress.
Click here to read full order: Bikram Chatterji & Ors. Vs UOI & ors.
Disclaimer: Views Expressed are Personal.