SC summons Amrapali directors, orders opening of portal for refund claims

The Supreme Court has directed all the directors, except institutional ones, of real estate firm Amrapali to remain personally present before the court on January 17, 2018, while directing amicus curiae to open an online portal for home buyers to register their refund claims.

The apex court on Wednesday also asked Amrapali to deposit 10% of the dues of the Greater Noida Industrial Development Authority before it within four weeks to help the authority issue occupancy and no objection certificates for homes which are on the verge of completion. Flat owners have also been allowed to complete the finishing work of their homes.

The case relates to Amrapali's Centurian Park project in Greater Noida, whose home buyers had move court in October, claiming insolvency proceedings against Amrapali Silicon Valley will impact their project as well since Amrapali Silicon City owns 98.84% share in Amrapali Centurian Park. The court had issued notices to related parties in the case on October

6. According to the Amrapali counsel, 90% flats are complete and ready for delivery in the first phase of Amrapali Centurian Park.

Advocate Pawan Shree Agarwal has been appointed as the amicus curiae for the case. He has been given similar responsibilities in the Unitech and Jaypee Infra cases. The Supreme Court has also nominated Shekhar Naphade with Shubhangi Tuli to take up the cause of the home buyers before the committee of creditors constituted under the Insolvency and Bankruptcy Code, 2016.

The National Company Law Tribunal (NCLT) in September ordered initiation of insolvency proceedings against Amrapali Silicon City, on a plea by Bank of Baroda. The builder had defaulted on an outstanding loan of Rs 56 crore taken from the bank. The NCLT had appointed Rajesh Samson of Deloitte as the insolvency resolution professional (IRP) in the case.

Source: ETRealty.com