Apex Court cancels registration of Amrapali group; NBCC to complete pending projects

The Supreme Court today canceled the registration of the Amrapali group under the Real Estate Regulatory Authority, RERA.

The Apex court also cancelled the lease of the realtor’s properties granted by Noida and Greater Noida authorities.

A bench of Justices Arun Mishra and U U Lalit appointed the National Buildings Construction Corporation to complete all the pending projects of the group.

It also appointed senior advocate R Venkataramani as the Court Receiver in whom the rights of all the Amrapali properties will be vested after the cancellation of lease.

The bench directed the Enforcement Directorate, ED to investigate the alleged money laundering by Amrapali Chairman and Managing Director Anil Sharma and other directors and senior officials of the group.

Meanwhile, the ED said, it had already filed a criminal case of money laundering against Amrapali Group and its promoters under the Prevention of Money Laundering Act early this month.

Officials said, agency’s zonal office in Lucknow filed the case after taking cognizance of at least 16 FIRs registered against the group by the Noida Police. 

The embattled Amrapali Group allegedly failed to give possession of flats to over 42,000 home buyers in Noida and Greater Noida.

The Hindu

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