NEW DELHI: The
Supreme Court on Wednesday warned beleaguered real estate giant
Amrapali Group against “playing smart”, saying “we will render you homeless” if the Rs 5,000 crore needed to complete the unfinished housing projects is not raised. It threatened to sell all
Amrapali properties, including homes, for defrauding home-buyers.
“You are in the hands of the court now and you have to act cautiously and uprightly. Don’t play smart with us. We will sell every inch of your property and we will render you homeless. You have made people wait for years for houses and you will now have to search for house if you compel us,” it said.
File concrete plan to sell assets: SC to Amrapali Group
Tell us what is the way out to arrange the money and file a concrete proposal for selling of your assets,” the Supreme Court directed the Amrapali Group.
Advocate Gaurav Bhatia, appearing for the group, contended that Rs 6,119 crore could be raised by selling unsold inventories in various projects and from homebuyers who had not made the entire payment. He contended the company had identified seven properties, which could be sold for around Rs 400 core. But the bench said the amount was not enough and directed it to give list of more assets, which could fetch the required amount.
The group also furnished bank account details of all directors of its companies. Bhatia said only eight directors were running 40 companies of the group. But the bench also sought details and bank account number of all directors who were earlier associated with the group. In the meantime, the court directed the electricity distribution company of Noida to restore power supply to two projects—Silicon City and Zodiac— in which people were living but power supply was cut off after the group failed to clear dues of Rs 2 crore.
The court allowed the Amrapali Group to collect electricity and maintenance charges from the homebuyers. Advocate M L Lahoti, appearing for the homebuyers, assured the court that residents would pay monthly charges. It also directed the group to give details of amount collected from homebuyers of all projects as electricity and maintenance charges over the years and the amount spent by it to provide facilities to residents.
Supreme Court (File Photo)