Supreme Court
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In a recent happening, the Supreme Court gave thumbs up to the National Building Construction Corporation [NBCC] for completing the two mid-struck project of debt-ridden Amrapali group. The NBCC informed the court about already floated tenders to complete the construction of two housing projects that are Eden Park and Castle. The National Building Construction is likely to begin the construction work of these projects by the next month February.

A bench of two judges including Justices Arun Mishra and U U Lalit stated that the State-owned firm can commence the development of these projects. The advocate representing NBCC informed that nearly 8 crore rupees will be the total cost of the project.

However, the apex court set 11 February as the date to hear the case in detail about suo motu contempt, sale of unsold inventory and JP Morgan’s explanation on selling of shares for Rs 140 crores.

Chander Wadhwa, the Chief Financial Officer is also expected to explain the transfer of Rs 4.75 crore from his account prior to October 26, last year.

The judges also asked parties to advice a legal way for offering registration certificate to the homebuyers residing in multiple residential Amrapali Projects without the occupancy certificate.

An NBCC official said that we will be commencing work on the two projects soon. Work would also be taken up on other projects.

Earlier this month, the court was informed about the appointment of peons as the directors of Amrapali’s two companies and which was made in the 2015-16.

Also Read : NBCC to commence construction of Stalled Amrapali Projects from 8th February