SC annoyed with MSTC for not making constructive efforts to sell assets of Amrapali Group

The Supreme Court on Monday expressed annoyance with MSTC -- Metal and Scrap Trading Corporation -- for not taking any constructive efforts in realising the money by selling various assets and properties of Amrapali Group.

A bench of the apex court headed by Justice Arun Mishra and also comprising Justice Uday Umesh Lalit expressed its displeasure as no lawyer today appeared for MSTC and therefore asked the Additional Solicitor General (ASG) to inform by the next date as to what are the steps being taken by the MSTC.

As regards to the NBCC, the top court had strongly urged them to speed up first phase/category -A projects so that a confidence measure is built and one by one project gets completed at a faster pace.

Emphasising the setting up of a Rs 25,000 crore alternative investment fund (AIF), aiming to provide relief to developers with unfinished projects to ensure delivery of homes to buyers, the apex court had directed the ASG to give specific particulars of the scheme under which some amount can be made available for Amrapali.

The top court also stated that the in case of Surekha family, which took interest in purchasing certain projects of Amrapali, senior counsel Mahesh Jethmalani submitted a list of assets worth Rs 167 crore.

However, advocate M L Lahoty appearing for many homebuyers, brought it to the notice of the top court that total dues of various companies of Surekha family as worked out by the forensic auditors is over Rs 694 crore.

The apex court has directed the banks and the lenders to give detailed proposals so that the required money is made accessible to the home buyers.