SC cancels Amrapali Group’s registration.Important points of latest judgement
| Tuesday | 23rd July, 2019
The Amrapali Group has been accused of raising funds from investors for housing projects, but failing to complete and deliver the same.
Supreme Court`s Tuesday order brought huge relief for 42,000 Amrapali homebuyers after the apex court ordered the government to act against builders who faulted and failed to deliver homes to buyers on time.
Important from latest judgement
The Supreme Court Tuesday cancelled the registration of Amrapali Group under the Real Estate Regulatory Authority (RERA)
SC has handed over all pending projects of the group to the National Buildings Construction Corporation (NBCC) which will complete the projects.
The apex court has held responsible to Banks and Noida authorities for Amrapali mess. “Banks and Noida authorities violated doctrine of public trust by closing their eyes towards illegal activities of Amrapali group and their officials in siphoning of homebuyers money.”
The court directed Enforcement Directorate to register money laundering case against group CMD and others.
The Amrapali Group has been accused of raising funds from investors for housing projects, but failing to complete and deliver the same. Homebuyers had moved the Supreme Court in 2017 seeking possession of their homes and compensation for the delay in delivery. The company is accused of leveraging at least Rs 2,765 crore of investors’ funds with the promise of delivering 46,000 flats at 28 properties in the national capital region (NCR) and other cities.
In February this year, the court had allowed the Delhi police to arrest Amrapali group CMD Anil Sharma and two directors on a complaint that home-buyers of their various housing projects were cheated and duped of their funds.
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