Supreme Court appointed Court Receiver has granted the approval NBCC Ltd to tender all the projects of Amrapali. It may be recalled here that Supreme Court had, in the matter of Bikram Chatterji & Ors. Vs. Union of India & Others and by its order dated August 2, 2018, directed NBCC (India) to undertake completion of the stalled/incomplete projects of Amrapali Group of Companies at Noida & Greater Noida.
Upon the Receiver’s approval, NBCC (India) has awarded the work of 22 projects of Amrapali (residential) of total estimated cost of Rs. 7309.71crore out of which two projects of Rs. 7.50 crore has been completed and handed over. Till now 695 flats have been completed and handed over by NBCC.
It may be recalled here that a bench of Justices Arun Mishra and U U Lalit had also cancelled the leases of Amrapali’s properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate alleged money laundering by CMD Anil Sharma and other directors and senior officials of the group. The Bench had also observed that the Noida and Greater Noida authorities colluded with the realty group in allowing diversion of the home buyers’ money and not acting in accordance with the law.