Notice issued to Amrapali by SC on homebuyer’s plea against insolvency

Amrapali Group

On Friday the Supreme Court gave time of 4 weeks to Amrapali Group companies to reply to its notice which is related to plea filed by around 55 flat buyers who booked flats in its Greater Noida project, reported by ANI. It also sent notices to Centre, RBI and BOB as they were held respondents in this case by petitioners.

The petitioners sought to quash the NCLT’s order to initiate insolvency proceedings against Amrapali Silicon City. They say that Insolvency and Bankruptcy Code (IBC) 2016 violates their fundamental rights as they prioritise lending institutions banks and financers. They want to be treated equally with the banks and financial institutions.

Petitioners claim that around 100 people had booked flats in Amrapali Centurion Park-Terrace Homes, Amrapali Centurion Park-Low Rise project, and Amrapali Centurion Park-Tropical Garden in Greater Noida in 2012-2014. They said that they neither got the possession of flats, nor received refund of their invested money.

The Supreme Court in September, asked the debt-ridden real estate firm Jaypee Associates to deposit 2,000 crore rupees with court by 27 October. Around 30,000 homebuyers invested their money and booked flats in 27 projects of the company.

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