Amrapali Case: Supreme Court Orders Disbursement Of Rs. 7 Crore To NBCC – 10 Points

Amrapali Case: Supreme Court Orders Disbursement Of Rs 7 Crore To NBCC - 10 Points

The Supreme Court earlier appointed NBCC to complete all of Amrapali group’s pending projects

The Supreme Court on Monday directed disbursement of Rs. 7.16 crore to state-run National Buildings Construction Corporation (NBCC) to complete two stalled projects of the embattled real estate group Amrapali, which has been accused of fraud. The sum was earlier deposited by the Amrapali group with the top court’s registry. The two projects are in Noida and Greater Noida.
Here are 10 things to know:
  1. In its order on Monday, the Supreme Court also directed that a forensic audit report be given to the Enforcement Directorate, Delhi Police and the Institute of Chartered Accountants in India (ICAI) for taking appropriate action against Amrapali directors and auditors.
  2. It also directed the Noida and Greater Noida authorities to comply with its earlier order.
  3. The bench – comprising justices Arun Mishra and UU Lalit – also directed the Noida and Greater Noida authorities to set up a nodal cell for issuing completion certificates to homebuyers.
  4. Last week, the authorities told the top court that they had created a special cell to ease out the problems of Amrapali homebuyers.
  5. The court then directed them to start the registration of flats and grant completion certificates to thousands of harassed homebuyers.
  6. In a ruling on July 23, the court had cancelled the Amrapali group’s Real Estate Regulatory Authority licence and appointed NBCC to complete all its pending projects.
  7. That verdict brought a big relief for more than 42,000 homebuyers who had sought possession of flats booked in Amrapali group projects.
  8. Earlier, an audit report revealed that around Rs. 3,500 crore of homebuyers’ money was diverted by the Amrapali top brass.
  9. The bench posted the matter for further hearing on September 11.
  10. Following this development, NBCC share price surged 4.23 per cent to Rs. 33.30, outperforming the Sensex which was up 1.5 per cent.

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