SC directs Amrapali Group to file proposal to sell assets

The Supreme Court on Wednesday came down heavily on the Amrapali Group, warning the real estate company to file a detailed proposal on selling its assets to raise Rs 4,000 crore to ensure completing its pending housing projects.

The apex court also warned the company, its promoters and directors against playing smart or be ready to face consequences.

"Either you give home or flats to home buyers or else we will sell all your flats to ensure raising the required amount of the funds so that the unfinished projects can be constructed. We will make you homeless, unless you give the flats to the homebuyers," the Supreme Court observed.

The apex court also directed Amrapali's directors and promoters to file details of their movable and immovable assets and their valuation within 15 days. The court has fixed August 14 as the date for next hearing.

According to media reports, the court had earlier issued summons to National Buildings Construction Company (NBCC) chairman and the secretary of the Ministry of Housing and Urban Affairs, asking them to explain why the NBCC had invited potential co-developers to work on Amrapali's stalled projects without the court's permission.

The Supreme Court also grilled the group for the diversion of around Rs 2700 crore, which it received from purchasers, towards other projects.

Approximately 42,000 home-buyers have been hassled by the stalled projects.