NEW DELHI: The Supreme Court’s intervention by taking over Amrapali to complete the housing projects under its supervision seemed to have not infused much confidence among existing and potential buyers to invest in the Group’s pending projects.
The court-appointed receiver informed the SC on Monday that only 20 buyers showed interest to purchase flats when 52 unsold flats were put on sale recently and only Rs 425 crore have been paid so far by the existing homebuyers though their total dues are over Rs 3,500 crore.
Senior advocate R Venkataramani, who as a court-appointed receiver is managing the affairs of the Amrapali Group and exploring all options to raise funds, told a bench of Justices U U Lalit and Ajay Rastogi that there could be delay in completion of all housing projects and the three-year deadline promised by NBCC needed to be extended.
The court had in July 2019 took over control of the Group and roped in NBCC, which promised to complete construction in various housing projects within three years and sought fund of Rs 8,500 crore. Over 46,000 buyers have invested in Amrapali’s various projects.
Though the construction work is going on at various projects but it likely to be hit by fund crunch as homebuyers are not paying their dues and purchasers are not coming forward to buy through auction of assets of Amrapali Group and its directors, which are to be sold as per the SC order.
Advocate M L Lahoty, appearing for homebuyers, told the bench that various orders passed by the court were not being complied with. He informed the bench that SBI Capital had promised in September last year to infuse around Rs 625 crore on the court’s persuasion but the amount has not so far been released.
“In spite of repeated assurances given by various banks and the consequential orders passed by the court, most of the banks have not released the required funds to the buyers and consequently, the homebuyers, mostly from their own sources, managed to deposit Rs 450 crore out of the total Rs 3,624.65 crore due from them,” Lahoty said while pleading the court to direct various authorities, including banks, to comply with its order.
He said recovery of Rs 912.72 crore from directors, CFO and other relatives of promoters/directors was yet to be done and NBCC should also undertake the task to sell unsold inventory of Amrapali Group as it could fetch Rs 2,337 crore.
The receiver, however, said he is taking all steps to generate funds but the process got delayed because of the Covid pandemic and assets were not being auctioned as people are not showing interest in purchasing the property at market price. Agreeing with the contention of the receiver, the bench said there was need to galvanise the process and decided that it will hear the case on every Monday to monitor the developments and pass appropriate orders to streamline the process.