The Supreme Court on December 5, 2018, calling realty major Amrapali Group the “worst kind of cheater in the world” has ordered the attachment and sale of Amrapali Group’s five-star hotel, cinema hall, malls and factories across India.
A Bench comprising of Justice Arun Mishra and Justice U.U. Lalit also ordered attachment of four corporate offices of Amrapali Group situated in Noida and Greater Noida, and asked the Debt Recovery Tribunal (DRT), Delhi to auction them.
Hearing a batch of petitions filed by homebuyers who are seeking possession of around 42,000 flats, the Bench gave a window to the firm’s directors and their family members to return homebuyers’ money, if they have it, by December 10, 2018.
Further, the Bench also asked the firm to explain by next week the diversion of around ₹3,000 crore of homebuyers’ money for other purposes.
The apex court issued notices to the Amrapali Group CMD Anil Sharma and its directors, Chief Financial officer and statutory auditor Anil Mittal, asking them why a criminal case for breach of trust should not be lodged against them.
“You [Amrapali Group] are the worst kind of cheater in the world. You have cheated the homebuyers all along and now you want to sell the facilities created for them,” the Bench said after it was told that the real estate firm wants to sell a nursery school, an open space and a nursing home to raise funds.
The Supreme Court also rapped the firm for repeated non-compliance with its direction and not giving the data of business transactions for 2015-2018 period to forensic auditors.
"You are a perfect liar. You are a first degree liar. You have not given specific information what we have asked for in our earlier orders. We are not satisfied with your affidavit and you have only tried to manipulate the things. Despite our nine orders, you have not given specific information about business transactions for period 2015-18," the Bench said.