SC Orders Attachment Of Bank A/c, 40 Movable Properties Of Real Estate Major Amrapali
6 years, 5 months ago

SC Orders Attachment Of Bank A/c, 40 Movable Properties Of Real Estate Major Amrapali

Live Law  

“Does your client feel that they are above everybody? Ask them not to play hide and seek with the court”, a bench of justices Arun Mishra and U U Lalit told the group’s lawyer P S Patwalia Pulling them up for “defrauding investors and playing dirty games with the court”, theSupreme Court today. Ask them not to play hide and seek with the court”, a bench of justices Arun Mishra and U U Lalit told the group’s lawyer P S Patwalia Pulling them up for “defrauding investors and playing dirty games with the court”, the Supreme Court today ordered attachment of all bank accounts and movable properties of 40 firms belonging to the real estate major. Ask them not to play hide and seek with the court”, a bench of justices Arun Mishra and U U Lalit told the group’s lawyer P S Patwalia The bench directed the Amrapali Group of companies to place before it details of all its bank accounts from 2008 till today and ordered freezing of bank accounts of all the directors of its 40 firms. On May 17, the apex court had given its nod to three co-developers to complete the 12 stalled projects of the embattled Amrapali Group in the next six months to 48 months time period.

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History of this topic

Amrapali buyers: Over 11K flats to be given possession in 2-3 months
2 years, 3 months ago

Amrapali buyers: Over 11K flats to be given possession in 2-3 months

Live Mint  

In a big relief to the hassled home buyers of Amrapali Group, the Supreme Court was informed that 11,858 flats will be delivered in 2-3 months of which 5, 428 units will be handed over the possession in October. A bench of Chief Justice UU Lalit and Justice Bela M Trivedi was informed by court receiver senior advocate R Venkataramani …

SC Asks Amrapali Home Buyers to Clear Dues; Says Flats Maybe Cancelled Otherwise
3 years, 4 months ago

SC Asks Amrapali Home Buyers to Clear Dues; Says Flats Maybe Cancelled Otherwise

The Quint  

"They will have to strictly follow their payment plans else their units will be cancelled and will be considered as unsold inventory," the bench added. Advocate ML Lahoty, appearing for the home buyers, said that the NBCC had said that they'd be able to hand over about 2,000-2,500 flats in the stalled projects of Amrapali Group by December 2021, if …

Amrapali projects: Relief in sight for homebuyers as 6 banks form consortium to set aside funds for stalled projects
3 years, 4 months ago

Amrapali projects: Relief in sight for homebuyers as 6 banks form consortium to set aside funds for stalled projects

Hindustan Times  

Over 40,000 homebuyers of Amrapali Group can expect relief as a consortium of six public sector banks has agreed to set apart substantial funds towards the stalled construction of the housing project being monitored by the Supreme Court and built by the National Buildings Construction Corporation. Submitting this information to the Supreme Court on Friday, court-appointed receiver, senior advocate R …

SC asks why Amrapali homebuyers not paying remaining money to get flats
3 years, 4 months ago

SC asks why Amrapali homebuyers not paying remaining money to get flats

India Today  

"It is like you have been given lassi, you now want malai on top of that,” commented the Supreme Court bench headed by Justice UU Lalit while hearing pleas filed by Amrapali homebuyers. In the last hearing in August, the apex court had directed around 9,500 homebuyers to get registered and complete due payment to the NBCC within 15 days. …

SC Accepts SBI CAP Funding for 6 Amrapali Projects [Read Order]
4 years, 4 months ago

SC Accepts SBI CAP Funding for 6 Amrapali Projects [Read Order]

Live Law  

The Supreme Court has accepted the funding arrangements proposed by SBI Capital with regard to 6 unfinished Amrapali projects. The Supreme Court has clarified that the funding of these projects, which cover a total of 6973 units, will be provided according to the "Collection Milestones" model, as per the suggestion made by SBI CAP's counsel, senior advocate Harish Salve. Mr. …

SC Asks SBI CAP to Start Funding 6 Stalled Projects of Amrapali Group
4 years, 4 months ago

SC Asks SBI CAP to Start Funding 6 Stalled Projects of Amrapali Group

News 18  

The Supreme Court has asked SBICAP to start funding six stalled projects of now defunct Amrapali group after it was informed that the financial institution has found only these to be viable. The top court asked Centre to consider as a special case and provide remaining money for construction of other stalled projects from the stress funds created for the …

Amrapali : SC Asks CMDs Of Banks To Issue Appropriate Directions For Disbursal & Restructuring Of Loans
4 years, 6 months ago

Amrapali : SC Asks CMDs Of Banks To Issue Appropriate Directions For Disbursal & Restructuring Of Loans

Live Law  

The matter involving incomplete Amrapali Real Estate projects came up for consideration again before a Supreme Court Bench comprising of Justices Arun Mishra and UU Lalit on Friday, where a number of aspects were discussed and certain orders were passed. Payment of Dues to Noida/Greater Noida Authorities The Court modified its previous order regarding rate of interest which would apply …

Amrapali : SC Directs ED To Transfer JP Morgan's Attached Money For Construction Purposes [Read Order]
4 years, 6 months ago

Amrapali : SC Directs ED To Transfer JP Morgan's Attached Money For Construction Purposes [Read Order]

Live Law  

In a significant development regarding the completion of pending Amrapali housing projects, the Supreme Court on Thursday directed the transfer of Rs 140 Crore, plus interest, from the account of JP Morgan, which had earlier been frozen by the Enforcement Directorate, to UCO Bank.The transfer of the cumulative amount of around Rs. In a significant development regarding the completion of …

Supreme Court warns Amrapali homebuyers on dues, says projects will be wound up
5 years, 4 months ago

Supreme Court warns Amrapali homebuyers on dues, says projects will be wound up

India TV News  

The Supreme Court warned the homebuyers of now defunct Amrapali Group on Wednesday that their unwillingness to pay the outstanding dues may lead to winding up of the stalled projects due to financial crunch. The top court, directed the two forensic auditors --Pawan Aggrawal and Ravi Bhatia -- to complete the audit of two remaining projects, Heartbeat City and O2 …

Amrapali case: Supreme Court asks NBCC how it will deal with Rs 2,300 crore unsold flats
5 years, 4 months ago

Amrapali case: Supreme Court asks NBCC how it will deal with Rs 2,300 crore unsold flats

India Today  

The Supreme Court on Wednesday directed the National Buildings Construction Corporation and the homebuyers to suggest how they will deal with the unsold flats. In order to rescue the homebuyers who have purchased flats by taking bank loans, the Supreme Court also issued notice to banks to give suggestions on what can be done to release pending loan amounts so …

Amrapali Group firms bought gold with home buyers' money
5 years, 5 months ago

Amrapali Group firms bought gold with home buyers' money

India TV News  

As the Supreme Court passed a landmark judgement in the Amrapali case and ordered the Enforcement Directorate to register a money laundering case against the group's officials for fraud, the top court's latest hearing opened a can of worms in the realty firm's operations. Among several other instances of fund diversion and illegitimate use of home buyers' hard-earned money, the …

Amrapali Group had paid Rs 36 lakh to ICC chief Shashank Manohar; Supreme Court orders ED investigation
5 years, 5 months ago

Amrapali Group had paid Rs 36 lakh to ICC chief Shashank Manohar; Supreme Court orders ED investigation

India TV News  

The Supreme Court in its judgement on Amrapali Group said Anil Kumar Sharma, CMD of Amrapali Group of Companies had paid Rs 36 lakh to ICC Chairman Shashank Manohar. The top court has also ordered the Enforcement Directorate to investigate the issue of money laundering in the real estate group, as Manohar's name features on the list of third parties …

Banks colluded with Amrapali developers in misappropriation of loans for housing projects: Supreme Court
5 years, 5 months ago

Banks colluded with Amrapali developers in misappropriation of loans for housing projects: Supreme Court

Firstpost  

More than 40,000 homebuyers are suing Amrapali in a long-running legal battle over delays to projects New Delhi/Mumbai: The Supreme Court on Tuesday said several banks had colluded with Amrapali Developers, one of India’s largest real estate firms, in the misappropriation of loans meant for housing projects. The Supreme Court criticised the lenders for failing to monitor the end-use of …

SC cancels registration of Amrapali group, appoints NBCC to complete pending projects; news brings relief to over 42,000 home buyers
5 years, 5 months ago

SC cancels registration of Amrapali group, appoints NBCC to complete pending projects; news brings relief to over 42,000 home buyers

Firstpost  

A bench of Justices Arun Mishra and UU Lalit also cancelled leases of Amrapali’s properties granted by Noida and Greater Noida authorities and given them to NBCC. A bench of Justices Arun Mishra and UU Lalit also cancelled the leases of Amrapali’s properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate alleged money …

SC Cancels RERA Registration Of Amrapali; Asks NBCC To Take Over Noida Projects [Read Judgment]
5 years, 5 months ago

SC Cancels RERA Registration Of Amrapali; Asks NBCC To Take Over Noida Projects [Read Judgment]

Live Law  

In a major relief to thousands of homebuyers, the Supreme Court on Tuesday cancelled the registration of Amrapali group under Real Estate Act 2016, and directed the National Building Construction Corporation take over its pending construction projects in Greater Noida and Noida.The bench of Justices Arun Mishra and U U Lalit found that Amrapali group had siphoned. In a major …

Amrapali's lawyers given flats and penthouses as fees: Forensic auditors to SC
5 years, 8 months ago

Amrapali's lawyers given flats and penthouses as fees: Forensic auditors to SC

India Today  

In yet another startling revelation, the embattled Amrapali Group gave away flats and penthouses as fees to lawyers representing it at various judicial forums, forensic auditors informed the Supreme Court on Thursday. Hearing a batch of home buyers' petitions, a bench of Justices Arun Mishra and U U Lalit ordered all the directors of Jotindra Steel and Tubes Ltd, a …

Amrapali Group committed first degree crime by cheating home buyers: SC
5 years, 8 months ago

Amrapali Group committed first degree crime by cheating home buyers: SC

India Today  

Amrapali Group has committed a "first degree crime" by cheating thousands of home buyers and no matter how powerful the people behind this mess they will be booked and prosecuted, the Supreme Court said Tuesday. Amrapali Group claimed that they had received Rs 11,057 crore from the home buyers and they have constructed five projects in Indirapuram of Delhi-NCR and …

SC Permits Delhi Police To Arrest Amrapali Group CMD And Two Directors
5 years, 10 months ago

SC Permits Delhi Police To Arrest Amrapali Group CMD And Two Directors

Live Law  

The Supreme Court on Thursday allowed the Delhi Police to arrest Amrapali Group Chairman and Managing Director Anil Sharma and two directors, Shiv Priya and Ajay Kumar.The bench comprising Justice Arun Mishra and Justice UU Lalit passed the order on ana applicationfiled by the Deputy Commissioner of Police, Economic Offences Wing, Delhi PoliceAllowing the application, the court clarified,. The Supreme …

SC suspects cartelisation as Amrapali’s 5-star hotel unsold in auction
5 years, 11 months ago

SC suspects cartelisation as Amrapali’s 5-star hotel unsold in auction

Live Mint  

Taking strong exception to two prime properties including a five-star hotel of the embattled Amrapali Group finding no bidders, the Supreme Court on Monday said that prima facie it looks like "cartelisation is at work" and sought to know whether "banks are part of cartels". "There were newspaper reports recently that banks are ready to finance the projects constructed by …

Amrapali case: SC orders attachment of group’s 5-star hotel, malls, factories
6 years, 1 month ago

Amrapali case: SC orders attachment of group’s 5-star hotel, malls, factories

Live Mint  

New Delhi: Continuing its crackdown on the embattled Amrapali Group, the Supreme Court on Wednesday ordered attachment and sale of the realty firm’s five-star hotel, cinema hall, malls and factories across India, calling it “a worst kind of cheater” and “a perfect liar” for not complying with the court’s direction.The top court also ordered attachment of four swanky corporate offices …

Amrapali Group fund diversion case: Supreme Court orders attachment of firm's five-star hotel, mall and FMCG company
6 years, 1 month ago

Amrapali Group fund diversion case: Supreme Court orders attachment of firm's five-star hotel, mall and FMCG company

Firstpost  

Amrapali Group CMD Anil Sharma, in an affidavit in the Supreme Court, revealed that he and his family members received crores of rupees over the years as ‘salary and professional charges The Supreme Court on Wednesday ordered attachment embattled real estate company Amrapali Group’s properties including a five-star hotel, corporate office, mall, FMCG company, a media report said. Amrapali Group …

SC Orders Sealing Of Nine Properties Of Amrapali Where Documents Sought By Forensic Authorities Are Kept [Read Order]
6 years, 3 months ago

SC Orders Sealing Of Nine Properties Of Amrapali Where Documents Sought By Forensic Authorities Are Kept [Read Order]

Live Law  

The Supreme Court directed the police to seal nine properties of real estate group Amrapali where the documents required by forensic authorities are reportedly kept.The bench comprising Justice Uday Umesh Lalit and Justice Dhananjaya Y Chandrachud issued this directive as the counsel for these directors agreed to give an undertaking before the. The Supreme Court directed the police to seal …

Supreme Court action against Amrapali directors sends the right message to home buyers
6 years, 3 months ago

Supreme Court action against Amrapali directors sends the right message to home buyers

Firstpost  

Apparently, the Supreme Court suspects huge diversion of funds and hence it is looking beyond the companies themselves to retrieve the money to the extent possible for the beleaguered and hapless home buyers. The Supreme Court on 9 October 2018 warmed the cockles of home buyers in general and buyers from Amrapali group in particular. Apparently, the apex court suspects …

"You Are Playing Hide And Seek", SC Sends 3 Directors Of Amrapali Group To Police Custody [Read Order]
6 years, 3 months ago

"You Are Playing Hide And Seek", SC Sends 3 Directors Of Amrapali Group To Police Custody [Read Order]

Live Law  

The Supreme Court Tuesday sent three directors of the Amrapali group to police custody, directing them to hand over all the documents of the 46 group companies to forensic auditors.A bench of Justices Arun Mishra and U U Lalit took exception to the Amprapali group not handing over all the documents to forensic auditors and said that they will remain …

Auditor who exposed Harshad Mehta scam to carry out forensic audit of Amrapali Group
6 years, 4 months ago

Auditor who exposed Harshad Mehta scam to carry out forensic audit of Amrapali Group

Firstpost  

The top court had also brought CMD of Amrapali Group Anil Sharma under its scanner for declaring his assets worth Rs 67 crore, as against Rs 847 crore, in his election affidavit filed during the 2014 Lok Sabha polls New Delhi: The Supreme Court said on Wednesday that the two auditors it has appointed for forensic audits of Amrapali Group …

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