The Supreme Court will hold court on Saturday to hear a batch of petitions concerning the unfinished and debt ridden Amrapali projects. .The bench of Chief Justice of India UU Lalit along with Justice Bela M Trivedi will hear the case. .The bench will examine the report by Senior Advocate R Venkataramani, who is the receiver appointed by the top courtVenkataramani has proposed a plan to alter the layouts and land use plans of the project..In October 2017, the Bank of Baroda had filed a plea before the National Company Law Tribunal (NCLT) to recover its ₹97.30 crore, dragging the Amrapali Group to corporate insolvency proceedings. The NCLT appointed a resolution professional to take control of the realty form. A group of buyers filed a plea in the Supreme Court in November 2017.In February 2019, the Supreme Court asked Delhi police to arrest directors of the Amrapali for cheating homebuyers..The Supreme Court then appointed a receiver on July 23, 2019, to manage the debt-ridden Amrapali Group’s housing projects. The receiver was tasked with carrying out registration of ready flats, accepting payments from buyers, selling unsold units, and dealing with the state-owned NBCC (India) Ltd, which was asked to complete the remaining construction. .The report by the court receiver has proposed a revision in layout as there is a plan to make residential towers at spaces where low-rise commercial projects were approved in the original plan.
The Supreme Court will hold court on Saturday to hear a batch of petitions concerning the unfinished and debt ridden Amrapali projects. .The bench of Chief Justice of India UU Lalit along with Justice Bela M Trivedi will hear the case. .The bench will examine the report by Senior Advocate R Venkataramani, who is the receiver appointed by the top courtVenkataramani has proposed a plan to alter the layouts and land use plans of the project..In October 2017, the Bank of Baroda had filed a plea before the National Company Law Tribunal (NCLT) to recover its ₹97.30 crore, dragging the Amrapali Group to corporate insolvency proceedings. The NCLT appointed a resolution professional to take control of the realty form. A group of buyers filed a plea in the Supreme Court in November 2017.In February 2019, the Supreme Court asked Delhi police to arrest directors of the Amrapali for cheating homebuyers..The Supreme Court then appointed a receiver on July 23, 2019, to manage the debt-ridden Amrapali Group’s housing projects. The receiver was tasked with carrying out registration of ready flats, accepting payments from buyers, selling unsold units, and dealing with the state-owned NBCC (India) Ltd, which was asked to complete the remaining construction. .The report by the court receiver has proposed a revision in layout as there is a plan to make residential towers at spaces where low-rise commercial projects were approved in the original plan.
