New Delhi :Â The Supreme Court on Tuesday asked the Amrapali Group to “come out with clean hands”, observing that its residential projects in the National Capital Region seemed prima facie illegal and its real estate business was like “a well-operated cobweb”.
Directing it to provide detailed data of its unencumbered properties, the apex court also said the group had such huge liabilities, that after paying the authorities, taxes and secured creditors from the sale of its properties, what would remain would be mere pittance.
The only way to secure over Rs 5,000 crore for construction of the pending projects by the National Buildings Construction Corporation India (NBCC), was to sell the individual properties of the directors of the Amrapali Group, a bench of Justices Arun Mishra and U U Lalit said.
It sought detailed affidavit in seven days of all the directors who have even served for a few months in the Group and their individual properties and bank accounts. “It seems that it is a well-operated cobweb and once you get into it, you would not be able to come out of it. They have such huge liability to pay to NOIDA, Greater NOIDA, property taxes and secured creditors, that what will be left after selling its unencumbered properties is pittance,” the bench observed.
The court said “prima facie it appears that all the residential properties of the Group in Noida and Greater Noida where people have been given possession are illegal, as none of them had completion certificates”. Making it clear that it would not touch the bona fide directors, the bench said it was seeking the details as it had a hunch that “there were persons behind the persons”.