SC asks Amrapali Group to complete Leisure Valley project

New Delhi [India], Feb. 23 (ANI): The Supreme Court on Thursday asked the real estate company, Amrapali, to complete their unfinished work of 19 towers in its leisure park project situated at Greater Noida.

The apex court would now review the project work on March 27.

A division bench of the apex court, headed by Justice Arun Mishra was hearing the arguments and submissions from the petitioners, (many homebuyers) and the real estate company, Amrapali.

During the hearing, the apex court asked questions to the builder about the source of the funding and timely execution as laid out in the proposal submitted by the builder.

The lawyer, appearing for many petitioners, submitted to the apex court that the undertaking should be provided by the promoters along with the builders so that the interest of home buyers are fully secured.

The apex court was hearing the submissions and arguments made by senior advocate Ajit Kumar Sinha, counsel for many aggrieved homebuyers, that both homebuyers and the prospective builders /promoters have to deposit the amount in two separate accounts before this top court.

The apex court, in its order, said that adequate undertaking has to be submitted by three promoters to show their bona fide by March 07, Wednesday.

The court made it clear in its order that Amrapali has to furnish the details about the collaborators about the funding as well as about the project developments and other assistance.

The court further said in its order that a status report would be filed after a period of one month to check the progress of the work undertaken by the builders and the collaborators.

The top court also made it clear that it would consider the status if other projects such as Silicon City and others on March 27, the next date of hearing in the case.

Today, the Amrapali told the apex court division bench that 13 co-developers have come forward and are willing to collaborate with Amrapali un-finishing the projects.

The apex court said that the builder would only use the amount deposited by the promoters to finish the work and the money deposited by many homebuyers would be under the vigil and protection of the court and would only be released on complete satisfaction.

Earlier in the month, Amrapali's counsel had said at the last hearing that Galaxy Developers has come forward to develop the flats in a timely manner.

The apex court is hearing a batch of pleas filed by flat buyers who have sought quashing of the September 4 last year's National Company Law Tribunal (NCLT) order and said the moratorium imposed under the provisions of the Insolvency and Bankruptcy Code, 2016, is violative of Article 14 (equality before law) of the Constitution. (ANI)