The Supreme Court on Friday gave four weeks’ time to Amrapali Group firms to reply to its notice related to petitions filed by more than 55 flat buyers in its Greater Noida project, ANI reported. It also issued notices to the Centre, the Reserve Bank of India and Bank of Baroda as they were made respondents in the case by the petitioners.
The petitioners had sought to quash the National Company Law Tribunal’s previous ruling on a plea that sought to initiate insolvency proceedings against Amrapali Silicon City Private Limited. They claimed that the provisions of the Insolvency and Bankruptcy Code 2016 violated their fundamental rights as they prioritised lending institutions. They have sought to be treated equally with banks and financial institutions.
The petitioners have claimed that more than 100 people had booked homes in the Amrapali Centurion Park-Low Rise project, Amrapali Centurion Park-Terrace Homes and Amrapali Centurion Park-Tropical Garden in Greater Noida between 2012 and 2014. They have claimed that they did not get possession of flats, nor did they receive a refund of the money they had invested.
In September, the Supreme Court had asked debt-ridden realty firm Jaypee Associates to deposit Rs 2,000 crore with the court’s registry by October 27. More than 30,000 people had invested money and booked homes in 27 of the company’s projects.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!