By Accommodation Times Bureau
On August 1, 2018, Supreme court bench headed by Justice Arun Mishra and Justice UU Lalit asked the Amrapali Group to place details of all its bank accounts before it. It also directed the authorities to freeze all the bank accounts of all the directors of its 40 firms.
Secretary of the Ministry of Housing and Urban Affairs and Chairman of the National Building Construction Corporation India Ltd were also summoned by the apex court for proceeding with the matters of the group, without its approval.
The Supreme court on May 17, 2018, had approved the demand of three co-developers, to complete the twelve impeded projects of the Amrapali group in the time frame of six months to forty-eight months. The top court had directed the Amrapali Group to deposit Rs 250 crores in a period of four weeks, in an escrow account, to be paid to the co-developers, on completion of the projects. The six projects will cater to 27000 to 28000 pestered home buyers.
The apex court on May 10, 2018, had a speckled deflection of funds to the amount of over Rs 2700 crores by the Amrapali Group and demanded details of financial transactions made by the company and its statement of accounts. Supreme court made an observation stating that homebuyers ‘cannot be just thrown out to a frying pan’, The apex court on April 25, 2018, said, “we will like to be assured of the financial standing and credentials of a company that is willing to take over some of the projects of the Amrapali Group”.
The company had earlier told the top court that it was not in a position to execute the projects and hand over possession of flats in the time frame.