The Supreme Court on Tuesday cancelled the RERA registration of the Amrapali group and the lease of properties granted to the company by Noida and Greater Noida authorities.
The apex court bench also directed the Enforcement Directorate to register a money laundering case against the Amrapali group and its directors. The ED was asked to conduct a detailed investigation into the diversion of home buyers’ money by the company.
The bench, headed by Justice Arun Mishra and comprising Justice U.U. Lalit, also observed that home buyers’ money had been diverted against the provision of the Foreign Exchange Management Act (FEMA) and FDI rules. The court also ordered NBCC to complete the pending projects at 8% commission.
The court has appointed senior advocate R.Venkataramani as the court receiver. On the cancellation of the lease, he shall have rights to the Amrapali properties and recover dues. He was also allowed to enter into tri-party agreement to recover the dues.
Homebuyers had filed petition for the possession of approximately 42,000 flats of the Amrapali group. The court had reserved its verdict on 10 May.
(Story to be updated once the judgement is uploaded on Supreme Court website)
SC cancels RERA registration of Amrapali group, orders ED to register case – Livemint