Amrapali News: SC calls on homebuyers to settle unpaid sums by 31 January 2020

Amrapali News, Noida: The Supreme Court ordered homebuyers for housing projects in the Amrapali Group to pay the due amounts before 31 January 2020, so that the funds could be used to complete the projects.

On 2 December 2019, the Supreme Court ordered thousands of homebuyers in Amrapali to pay the amounts due before January 31, 2020, either in instalments or all at once, to complete all stalled projects quickly. The Supreme Court asked 28 banks, which entered into direct agreements with home buyers or through the Amrapali Home Finance Group, to disburse the outstanding amount within one month.

Bench of judges Arun Mishra and UU Lalit said the funds should be channelled to complete the pending projects of the Amrapali Group, in order to provide a rest period for troubled homeowners. “So far, homebuyers have deposited about Rs.105 crore out of about Rs.3,000 crore,” the bank said. “We direct homebuyers to deposit the amount due before January 31, 2020, either in instalments or once.”

During the hearing, the Joint Director of the Compliance Directorate (Rajeshwar Singh) told the Court that the Agency had found evidence of a breach by the multinational company JP Morgan of the Currency Management Act 1999 (FEMA) and that information had been registered by the Company’s President of the country concerning transactions with the Amrapali Group.

The State Supreme Court ordered the NBCC to complete the work of eight Amrapali projects: Zodiac, Sapphire-1, Sapphire-2, Silicon City 1, Silicon City-2, Princely Estate, Centurion Park Low Rise and O2 Valley which are located around 11,258 units in Noida and Greater Noida. The government-owned Metal Scrap Trade Corporation (MSTC) ordered an auction of a fleet of 86 luxury cars, accompanied by an order from the Amrapali Group of Companies, to raise funds for pending projects. The Supreme Court published the matter for an additional hearing on December 13, 2019.

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