The Supreme Court on Tuesda🐭y cancelled the registration of the embattled Amrapali group ꦍunder the Real Estate Regulatory Authority (RERA) and the lease of its properties granted by Noida and Greater Noida authorities.
The SC bench also appointed senior advocate R Venkataramani as the court receiver in whom the rights of a🤡ll the Amrapali properties will be vested after the cancellation of lease.
The Supreme Court on Tuesda🐭y cancelled the registration of the embattled Amrapali group ꦍunder the Real Estate Regulatory Authority (RERA) and the lease of its properties granted by Noida and Greater Noida authorities.
A bench of Justices Arun Mishra and U U Lalit appointed the Nati🌠onal Buildings Construction Corporation (NBCC) to complete all the pending projects of the Amrapali group.
The benchౠ also appointed senior advocate R Venkataramani as the court receiver in whom the rights of all the Amrapali properties will be vested after the cancellation of lease.
The top court said Venkataramani will have the power to enter into any 🍨tri-party agree🐻ment for sale of the group's properties to recover the dues.
The bench said the home buyers' money was diverted in violation of the Foreign Exchange Management Act (FEMA) and the foreign൩ direct investment (FDI) norms.
It directed the Enforcement Directorate to investig꧃ate the alleged money laundering by Amrapali CMD Anil Sharma and other directors and senior officials꧟ of the group.
The court added that Noida and Greater Noida colluded with the realty group in allowi🌱ng diversion of the home buyers' money and not acting as per the law.
In a relief to home buyers, the court directed Noida and Greater Noida to handover a completion certificate t🌃o the flat buyers who are already residing in various projects ꦏof the group.
(PTI)