Governance – Page 6 – FindMyProperty

On Wednesday (25/08/2018), Supreme Court asked for assurance of financial standing of the firm which is interested in completing the Amrapali Leisure Park and Amrapali Sapphire. The court said that the homebuyers “cannot be thrown into a frying pan”.

The order by Supreme Court came after it chose to hear the issue project-wise and today it heard the contention with regard to Amrapali Sapphire and Amrapali Leisure Park.
The Court concurred that a co-developer ought to be assigned for the project. The bench consisting of Mr. Arun Mishra and Mr. Uday Umesh Lalit said, “In doing so the accountability process becomes easier”. It however summarized that the firm should file and undertaking before the court.

After that, SC asked the builder to provide details with regard to both these ventures; on affidavit having details which incorporates profile of the firm, affidavit of undertaking by the head(s) of the company which includes the number of projects under construction, the number of projects developed, the number of projects behindhand and the track record of the firm. Amid the proceedings Noida-based Galaxy Group through its counsel had demonstrated enthusiasm in developing Sapphire 1 and 2. Beforehand in February the developer had indicated interest in developing Amrapali Leisure.

The builder was also asked by the court to present all the detail in regards to the dues it holds to authorities and banks. Mr. Ajit Kumar Sinha, an advocate representing the homebuyers, recommended that a list of free of debt properties of the builder and directors should be made if the responses to the previously mentioned queries are not given by the developer.
The court also said that if in case it finds any inadequacy on behalf of the builder then it will follow Mr. Sinha’s recommendation.

An interest in completing Amrapali’s five residential projects has been shown by Noida-based Galaxy Group. Amid a hearing on Wednesday, the organization through its counsel educated the Supreme Court that it is prepared to imbue Rs 500 crores to develop units for 31,000 families.

About Rs 3,000 crores are needed by Amrapali to complete all of its ongoing projects.

The lawyer representing Amrapali – Mr Alok Agarwal told ETRealty that Galaxy Group is willing to construct more projects subject to SC approval. The Noida authority, Greater Noida authority and IRP have been asked by the court to look into the proposal.

Amrapali has been directed by the Supreme Court to submit a complete plan regarding the delivery of all its ventures. The court asked the Group to submit the plan inside a week and inform about the state of condition of all its project along with how much money is needed to finish those.
The plan will then be placed before ‘interested parties’ which will Noida Authority, Greater Noida Authority and the homebuyers for comment.

The order came after Amrapali informed the court that they have an all-inclusive plan for all their projects. It had already informed the court that it has around 40,000 flats across all its projects. The IRP was directed by the court to not send the demand notices on homebuyers to whom ownership has not been offered.
The Supreme Court also ordered the promoters of Amrapali to upgrade fire safety gear in 21 towers of its Noida-based residential venture Amrapali Silicon City inside four weeks. Amrapali had sought three months to install the required equipment.

The request came after IRP (insolvency resolution professional) expressed in its report that the project is under imminent threat as it lacks essential fire equipment. The venture has around 2,000 families living in. Agarwal said that repair and upgrade work for four towers has already begun today.

Noida authority and Greater Noida Industrial Development Authority were asked by the Supreme Court to submit an affidavit stating how much money they have gotten from the realtor. Amrapali was to deposit 10% of the due sum to both the authorities to get occupancy and no-objection certificates for Amrapali Silicon City and Amrapali Centurion Park, which it did. In any case, there was some disarray while expressing the same with court after which the court requested the affidavit.