On Tuesday The Supreme Court canceled the Registration of all the Amrapali group of companies and directed the Enforcement Directorate to carry a detailed investigation against the group for diverting homebuyers’ money.
A bench of the Supreme Court directed by Justice Arun Mishra also directed National Buildings Construction Corporation (NBCC) to complete the tentative housing projects in Noida and Greater Noida and handover these to homebuyers.
The court has been trading with a batch of petitions filed by home buyers who are querying possession of around 42,000 flats, booked in projects of Amrapali Group. The company is responsible for the diversion of homebuyers’ money.
Amrapali faced its first major protest in 2015 when 900 families that had moved to its Sapphire housing project in Noida accused of lack of basic amenities like electricity and water. In August 2016, cricketer MS Dhoni quit from his role as a brand ambassador, with Sharma calling it a “mutual decision.” But two years later, Dhoni petitioned the group for Rs 150 crore, alleging he had not been paid for his role.
The series of unsolicited events led by Amrapali group includes entries from months.
In September 2017, a bench of the National Company Law Tribunal inducted insolvency proceedings at the order of Bank of Baroda against Amrapali Infrastructure for dues over Rs 50 crores. The following protest after protest in 2016-17, homebuyers of Amrapali’s Dream Valley project, including 11,000 undeveloped flats, moved the Supreme Court against the decision, stating their interests wouldn’t be guarded if insolvency procedures are initiated.
Then in August 2018, the Supreme Court added properties and accounts of 41 companies under the parent Amrapali Group. A month later, the apex court charged the debts recovery bar to begin the process of selling 16 of its properties.
And then after in October 2018, the court sent three Amrapali directors — Shiv Priya, Sharma, and Ajay Kumar — to police custody for not equipping details of the 46 companies.
The bench then told them, “You are playing, hide, and seek. You are trying to mislead the court.”