Supreme Court
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A day ago, Hon’ble Supreme Court directed the registry to allocate a fund of Rs 7.16 crore to the NBCC [National Building Construction Company] to complete the stalled projects of the Amrapali group that are located in Noida and Greater Noida.

A division bench of Justice Arun Mishra and Justice U.U. Lalit also ordered to forward the copy of the forensic audit report to the Enforcement Directorate, Delhi Police and the Institute of Chartered Accountants in India (ICAI) so that necessary actions can be taken against the Amrapali directors and auditors for siphoning more than Rs. 3,000 crore that was raised from the homebuyers.

The Noida and Greater Noida authorities are also directed to formulate a nodal cell to issue completion certificate to the home buyers and the matter is scheduled to be heard on 11th September next. Earlier in July, the Supreme Court had canceled the RERA license of the Amrapali Group and also appointed NBCC a state-owned company for the completion of all stalled projects at a commission of 8 percent.

Both the authorities are also directed to execute the tripartite agreement in 30days for all the related projects where the homebuyers have taken possession and they are also directed to issue a completion certificate.

The court observed a violation of the FEMA Act i.e [Foreign Exchange Management Act] and other fraudulent activities that include money laundering. On the background of all these activities, the highest court has ordered an investigation by the Enforcement Directorate to figure out the culprits.

Before this, NBCC had ruled out the possibility to invest funds in Amrapali group’s stalled projects. After the state-owned firm, the Greater Noida authority went to the Supreme Court over the outstanding dues of Rs. 3,700 crores on the developer.