Home Buyers Meet Representatives of Amrapali Group in SC for Status Check of Delayed Projects

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posted on 6 years ago — updated on 1 second ago

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Amrapali Group is facing insolvency proceedings initiated by its creditors for defaulting on its loans. The group had earlier submitted that it was not in a position to deliver the completed projects in a time bound manner.

New Delhi: A meeting between the representatives of Amrapali Group and flat buyers to build consensus on different housing projects was held at the Supreme Court consultation room on Saturday.

At least 200 home buyers of Amrapali's various projects like Golf Home, Sapphire, Zodiac and many more attended the meeting. Amrapali Group CMD Anil Sharma and other directors of the real estate firm, including legal representatives of buyers, Noida authority and a convenor appointed by the apex court, were also present in the meeting.

Speaking to CNN-News18, Advocate M L Lahoty, convenor appointed by the Supreme Court, said, "The meeting took place on Saturday at 11 am as per the direction of the SC".

Explaining the key takeaways from the meeting, Lahoty said, "A joint team of buyer-builder representatives will visit the construction sites of various projects according to a set schedule. The visits staring on Sunday will be videographed and a status check report will be submitted in the apex court on the next hearing".

"The projects have been divided into three categories -- The projects where the possession has been given but lack facilities like completion certificate, fire clearance etc, the projects that are nearing completion and the projects where the construction is incomplete. On the basis of these categories timelines will be set," he said.

Amrapali Group had previously submitted a detailed proposal on its plans to deliver the 42,000 flats in question.

Meanwhile, Amrapali is facing insolvency proceedings initiated by its creditors for defaulting on its loans. The group had earlier submitted that it was not in a position to deliver the completed projects in a time bound manner.

The real estate firm has liabilities of at least Rs 3,000 crore towards authorities and owes a large sum to creditor banks.

The apex court is hearing a batch of petitions by homebuyers that seek quashing of the order of the National Company Law Tribunal admitting insolvency proceedings against Amrapali.

The next date of hearing is scheduled for March 27.