Will throw you out; transfer ownership rights of properties "lock, stock and barrel":SC warns Amrapali

The Supreme Court Wednesday warned the Amrapali Group that they can be thrown out from their 15 prime residential properties and may transfer "lock, stock and barrel" the ownership rights to Noida and Greater Noida Authorities.

Observing that it would protect the rights of thousands of home buyers and push the Amrapali Group out of the projects, the court said the Noida and Greater Noida authorities can be asked to engage any builder or developer to finish the stalled projects and sell the properties under their supervision.

The court was hearing a batch of pleas of 42,000 home buyers against the Amrapali Group which has defaulted in giving the possession of their flats.

"We see that entire Amrapali Group has failed to discharge its duties towards home buyers, authorities (Noida and Greater Noida) and banks. You (Amrapali Group) have neither completed any projects nor invested any money in the projects. We think, you are the one who should be thrown out of these properties. We will vest the rights of these properties with the Noida and Greater Noida," said a bench of justices Arun Mishra and U U Lalit.

"We may throw you out from these properties and transfer its lock, stock and barrel to Noida and Greater Noida. The loans which have been secured by Amrapali Group by mortgaging the lands to the banks can be collected by the financial institutions from the directors of the company or the corporate guarantors."