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Amrapali case: Supreme Court directs court receiver to monitor progress of project construction

The court receiver has also been directed to finalise the tripartite agreements and verify documents of homebuyers.

Vandana Ramnani @vandanaramnani1
 
 
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The Supreme Court on September 11 directed the court receiver to monitor the progress of construction in all Amrapali projects and asked the government's construction arm NBCC to undertake sale of unsold inventory.

The next date of hearing is October 4.

The apex court directed the court receiver to oversee the progress of construction. No committee is expected to be  set up for the purpose, legal sources said.

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The court receiver has also been directed to finalise the tripartite agreements and verify documents of homebuyers. Noida and Greater Noida authorities officials would assist in the process, said Kumar Mihir, advocate representing homebuyers.

In July, the apex court had appointed senior advocate R Venkataramani as the court receiver. All rights of Amrapali properties are now vested with him after the cancellation of lease.

"The right of the lessee shall vest in the Court Receiver and he shall execute through authorized person on his behalf, the tripartite agreement and do all other acts as may be necessary and also to ensure that title is passed on to home buyers and possession is handed over to them," the apex court had said in July.

The apex court on September 11 also directed National Buildings Construction Corporation Limited (NBCC) to ascertain and file a report as to what and how it can ensure selling of the unsold units of the projects.

It also directed that UCO bank would develop the software for receiving payments from homebuyers and that buyers would be individually informed of the amount due from them.

All buyers have been directed to deposit their dues as per their respective agreements. Whether GST is to be paid by them will be decided by the court subsequently, said Kumar Mihir.

The apex court also directed the forensic auditors to complete the forensic audit of all projects, he said.

Forensic auditor Ravi Bhatia, in his report submitted before the court last year, had said that as per financial statements and the books of accounts of the embattled company, it was found that Rs 2761.49 crores of the home buyers money has been diverted to other projects, other group companies, directors and their relatives and senior employees.

On August 30, a list of 6,000 homebuyers residing in Amrapali projects that are yet to be registered was submitted to the Supreme Court as per its directions.

On August 26, a bench headed by Justice Arun Mishra had asked homebuyers’ counsel ML Lahoty to submit project-wise details of homebuyers currently residing in the projects for which registration is yet to take place.

On August 13, the apex court had ordered the Noida and Greater Noida authorities to commence registration of the flats and asked Lahoty to draw up a list so that process could begin.

"The apex court simultaneously wanted a list of homebuyers whose registries have yet to take place. Flats have so far been handed over to 9000 buyers but only 6000 seem to have come forward to get their units registered," said Kumar Mihir, advocate.

The apex court on August 13 had asked officials of Noida and Greater Noida authorities to start giving possession of flats to Amrapali homebuyers, warning that a delay would land them in jail.

On Aug 26, the bench had directed that the Noida and Greater Noida Authorities set up a nodal cell for issuing completion certificates to homebuyers.

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First Published on Sep 11, 2019 09:04 pm
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