Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023

Supreme Court refuses to hand over Amrapali’s Le Residentia project to NBCC

The court refuses to recall two orders passed in 2019; directs existing builder to complete the project.

The Supreme Court was hearing a plea filed by the flat buyers association.

The Supreme Court was hearing a plea filed by the flat buyers association.

The Supreme Court on  June 29 rejected handing over the premium residential apartments of La Residentia project in Greater Noida, part of the embattled Amrapali Group, to the government’s construction arm NBCC, and refused to recall its orders passed in 2019.

A special bench of Justices UU Lalit and Ashok Bhushan directed that the company, La Residentia Developers Private Limited, would continue with the construction and development of the project.

“In our considered view, it would not be just and proper to hand over the development at this stage to the NBCC as prayed for by the Association and the applicants supporting the Association. We, therefore, do not deem it appropriate to recall the orders dated July 23, 2019, and October 14, 2019, or to revisit the issue of whether the Company could be declared to be part of the Amrapali Group of Companies," the bench said.

The La Residentia project has around 3,256 residential units and 39 towers. As many as 632 units remain unsold. Around 1,400 families are residing in the project.