Amrapali, Unitech & deferred dreams: SC ensures defaulters will have to pay

The Supreme Court on Tuesday said it would sell the personal assets of the promoters and directors of Amrapali group. It made a similar decision on Unitech.

On Tuesday, the Supreme Court came out with two rulings that sound the bugle against the directors and promoters of defaulting real estate firms. In the first case, the Supreme Court said it would first sell the personal assets of the promoters and directors of Amrapali group to secure over Rs 50 billion for construction of pending projects. The construction will be done by the National Buildings Construction Corporation India Ltd (NBCC). In the second case, it ordered auction of Unitech directors' unencumbered assets to refund money to home buyers.

The SC's latest ruling may come as a relief