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16
March 2018
 |
Gratuity(The
Total Investment & Insurance Solutions)
The
Supreme Court on Thursday ordered real estate major Amrapali Group and its home
buyers to meet on Saturday and arrive at a consensus on the status of its
various housing projects nearing completion.
A
bench of Justice Arun Mishra and Justice U.U. Lalit said the meeting will be
held on March 17 at 11 a.m. at the Supreme Court consultation room and,
thereafter, a joint statement on the development of the meeting would be filed
before the court.
There
was an urgent need for consensus between the Amrapali Group and home buyers to
identify projects that were nearing completion, mid-way and those nowhere near
completion, said the bench, adding that it wants that home buyers get their
flats at the earliest and refund of money is not the solution to the problem. The Total Investment & Insurance Solutions
On
February 22, the court had directed the real estate group to finish the
remaining work on 19 towers in its Leisure Valley housing project in Greater
Noida. The Total Investment & Insurance
Solutions
The
Amrapali Group had earlier submitted a comprehensive proposal on how it planned
to deliver 42,000 flats to its buyers in various projects.
Earlier,
the Group, facing insolvency proceedings initiated by the creditor bank for not
repaying the loans, had told the court that it was not in a position to
complete the projects and hand over possession of flats to over 42,000
home-buyers in a time-bound manner, and the properties were needed to be
developed with the help of co-developers. The Total
Investment & Insurance Solutions
The
Amrapali Group has liabilities of about Rs 3,000 crore towards authorities and
owes over Rs 1,000 crore to about 10 banks, and it needs about Rs 3,000 crore
to complete its ongoing projects.
The
apex court has been hearing a batch of pleas filed by home buyers who have
sought quashing of the National Company Law Tribunal (NCLT) order admitting
insolvency proceedings against Amrapali Group.
Buyers
belong to the low and middle-income groups and must be granted equal protection
as other stakeholders -- financial and operational creditors, the home buyers'
plea had said.The Total Investment & Insurance
Solutions
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