The Supreme Court on Wednesday ordered the attachment of all bank accounts and movable properties of 40 companies owned by the real estate major Amrapali Group, PTI reported. The bench of Justices Arun Mishra and UU Lalit also ordered the freezing of bank accounts of all directors of the 40 companies.
The bench pulled up the group for “defrauding investors” and playing “dirty games” with the court. It has asked the group for details of all its bank accounts since 2008. The group has to submit details of its chartered accountants handling its accounts on Thursday.
“Don’t test our patience, the orders have not been complied with,” the court told Amrapali Group, according to ET Now.
The court also summoned the secretary of the Ministry of Housing and Urban Affairs and the chairman of NBCC (India) Limited to appear before it on Thursday in connection with steps taken to complete the group’s projects.
On Tuesday, The Economic Times had reported that state-run construction company NBCC is likely to take over some pending projects of Amrapali Group and hand them over to buyers.
In May, the court had allowed three co-developers to complete 12 stalled projects of the Amrapali Group in the next six to 48 months. The court had also asked the group to deposit Rs 250 crore, to be paid to the co-developers. The court had found that the group may have diverted funds to the tune of over Rs 2,700 crore.
The company had earlier told the Supreme Court that it was not in a position to complete the projects and hand over possession of flats to over 42,000 homebuyers in a time-bound manner.
The top court is hearing a batch of petitions filed by homebuyers seeking to have the insolvency proceedings, which the National Company Law Tribunal initiated against the Amrapali Group, quashed. They claimed that the provisions of the Insolvency and Bankruptcy Code, 2016, violated their fundamental rights as they prioritised lending institutions.
In February, the top court had asked the real estate firm for details of 47 residential towers nearing completion in Noida and Greater Noida, and of how much money it had taken from buyers.
The petitioners have said that more than 100 people had booked homes in the Amrapali Centurion Park - Low Rise project, Amrapali Centurion Park - Terrace Homes and Amrapali Centurion Park - Tropical Garden in Greater Noida between 2012 and 2014. They claimed they neither got possession of the flats, nor receive a refund.