The Supreme Court on Wednesday, August 8th, 2018 slammed the real estate major, Amrapali Group which is accused of failing to hand over possession of flats to around 42,000 home buyers and asked them not to play smart with the court or they will be rendered homeless.
The bench comprising of justices Arun Mishra and U U Lalit
said that the court would sell “each and every property” of the firm to recover the cost of construction of the pending real estate projects. “The real problem is that you have delayed giving possession of homes. Don’t try to play smart or we will sell each and every property of yours and render you homeless,” the bench said.The bench has ordered the group to submit within 15 days a valuation report of movable and immovable properties of its managing director and directors and also to provide the details of the companies that were looking after the maintenance of Amrapali projects along with the details of the funds they have collected and disbursed so far. Earlier, The National Buildings Construction Corporation (NBCC) India Ltd
had on August 2 told the Supreme Court that it was ready to undertake the projects of the Amrapali group of companies. To which the bench had asked the NBCC to place before it a “concrete proposal” in 30 days on how they proposed to complete the projects, along with a timeline of work. The real estate group had earlier told the court in an affidavit that it was not in a position to hand over the possession of flats to over 42,000 home buyers in a time-bound manner.