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SC cancels Amrapali Group's RERA registration, asks NBCC to complete pending projects
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SME Times News Bureau | 23 Jul, 2019
Giving respite to the 42,000
beleagured buyers of Amrapali Group, the Supreme Court on Tuesday
cancelled the real estate company's RERA registration and appointed
state-run National Buildings Construction Corporation Limited (NBCC) to
complete all its pending projects.
A bench, comprising Justice
Arun Mishra and Justice U.U. Lalit, also noted that Amrapali Group had
committed a major violation of Foreign Exchange Management Act (FEMA)
and foreign direct investment (FDI) norms and directed the Enforcement
Directorate (ED) to register a money laundering case against the
company, its CEO and Managing Director (CMD), and directors.
The
court observed that Amrapali Group's top management diverted homebuyers'
money to build their personal assets, instead of completing its housing
projects. "The top management of Amrapali Group siphoned off the money
to foreign countries," said the court. Noida and Greater Noida
authorities were negligent in monitoring the progress of the project,
the court said.
Reserving a verdict in the case, the apex court
had on May 10 noted that the homebuyers had already paid the company Rs
1,100 crore, which was more than the cost of its projects. The court had
asked banks and the authorities concerned, if the projects could be
taken over by Noida and Greater Noida authorities for completion.
Pleading
that they do not have the requisite resources and expertise to complete
the construction of the stalled projects, the Noida and Greater Noida
authorities asked the bench to hand them over to a reputed builder. They
also requested the court to set up a high-powered committee to
supervise the completion of the projects in a time-bound manner.
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