With controversy-hit real estate firm Amrapali Group failing to raise funds for unfinished housing projects, the Supreme Court on 11 September selected 16 of its properties for auction, which is expected to fetch a little over Rs 1,300 crore.
The SC set the ball rolling for the auction of Amrapali assets after the company could not show funds to complete projects in which 46,575 homebuyers have invested money and entrusted the task of selling the properties to the debt recovery tribunal. In the first round, 16 properties will go under the hammer and the funds raised will be handed over to the National Buildings Construction Corporation for completing unfinished projects in Delhi NCR, Bhubaneswar, Jaipur, Sikkim, Udaipur, and Raipur.
The bench of Justices Arun Mishra and U U Lalit directed Amrapali Group to appear before DRT on September 25 and furnish all documents of the properties to enable the tribunal to auction the assets. The court also directed the transfer of Rs 25 lakh to DRT from the bank account of the company to meet the expenses for selling the properties. The bench said homebuyers could also be asked to clear their dues and pay before the court in order to raise the money but didn’t pass an order after advocate M L Lahoty vehemently contended that distressed buyers should be asked to pay only as a last option.
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