Supreme Court: Release Rs 7.16 Crore to NBCC to Finish Amrapali Projects
The Supreme Court on Monday directed its registry to release Rs 7.16 crore to the NBCC for completion of the stalled projects of the Amrapali group.Noida and Greater Noida authorities had also been directed to execute the tripartite agreement within one month concerning the projects where homebuyers are residing and issue a completion certificate.
New Delhi, August 26: The Supreme Court on Monday directed its registry to release Rs 7.16 crore to the NBCC for completion of the stalled projects of the Amrapali group.
A division bench of Justice Arun Mishra and Justice U.U. Lalit also directed that to give a copy of the forensic audit report to the Enforcement Directorate, Delhi Police and the Institute of Chartered Accountants in India (ICAI) for taking appropriate action against Amrapali directors and auditors for siphoning off over Rs 3,000 crore of home buyers' money. Amrapali Group Case: Major Relief For Home Buyers, Supreme Court Directs NBCC to Complete Unfinished Housing Projects in Noida And Greater Noida.
The bench also directed the Noida and Greater Noida authorities to set up a nodal cell for issuing completion certificate to home buyers and listed the matter for further hearing on September 11.
On July 23, the top court cancelled real estate company Amrapali Group's Real Estate Regulatory Authority's licence and appointed state-run NBCC to complete all pending projects. The court has observed that the group prima facie committed violation of the FEMA (Foreign Exchange Management Act) and other fraudulent activities, including money laundering, and recommended a thorough investigation by the Enforcement Directorate to identify the culprits.
Noida and Greater Noida authorities had also been directed to execute the tripartite agreement within one month concerning the projects where homebuyers are residing and issue a completion certificate.
(The above story first appeared on LatestLY on Aug 26, 2019 08:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).