SC gives nod to NBCC to start work in two stalled projects of Amrapali

The Supreme Court Friday gave National Building Construction Corporation (NBCC) go-ahead to complete two stalled projects of embattled real estate firm Amrapali Group.

The NBCC told the court that it has floated tenders for completion of two projects - Eden Park and Castle - of Amrapali and would start construction in the month of February.

A bench of Justices Arun Mishra and U U Lalit said that NBCC can start construction on both the projects.

Counsel for NBCC said that total cost of the project would come around Rs 8 crore.

The apex court said that it would like to hear in detail various aspects of the case including suo motu contempt, sale of unsold inventory, explanation of JP Morgan in selling of shares for Rs 140 crores on February 11.

It said that Chief Financial Officer Chander Wadhwa would also have to explain on the said date why the money of Rs 4.75 crore were transferred from his account before October 26, last year, when he first appeared before the court.

The bench asked the parties to suggest legal ways as how the registration certificate could be given to home buyers residing in various residential Amrapali Projects without the occupancy certificate.

A NBCC official, on the condition of anonymity, described the development as just the beginning and said, "We will be starting work on the two projects soon. Work would also be taken up on other projects."