The Supreme Court said bankers connived with the Amrapali Group in siphoning money from projects, leaving thousands of homebuyers without flats despite paying for apartments.
The very condition of investment in the project by bankers, subject to which the mortgage was permissible, had been violated. Thus, it cannot be said that any charge of the banks has been created on the projects. The charge would be on the property which has been purchased/created by dubious methods.Supreme Court - Amrapali Order
In the interest of homebuyers, the Supreme Court asked state-run NBCC (India) Ltd. to complete the pending projects of the group and directed the Noida and Greater Noida authorities to ensure delivery of water, electricity and other facilities.
The authorities will also have to give completion certificate to buyers who are already living in various projects of the Amrapali Group. NBCC will get an 8 percent commission for completing the apartment towers, and Amrapali’s Real Estate Regulatory Authority registration, and all of its land leases stand cancelled.
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