January 14, 2020

SC Forms Committee To Auction Amrapali Properties

[ By Bobby Anthony ]


The Supreme Court has formed a four-member committee to accelerate the auction of the assets of defunct Amrapali group to generate funds for incomplete housing projects. The committee includes two forensic auditors.

A bench of Justices Arun Mishra and U U Lalit formed the committee comprising Rajiv Bhatia and Pawan Aggarwal (forensic auditors), court appointed receiver and senior advocate R Venkatramani, who will assist the state-owned MSTC to auction the assets, and D K Mishra, a chartered accountant.

The court asked NBCC to begin work on seven projects as soon as possible, and expeditiously roll out tenders for these projects in Noida and Greater Noida.

The Supreme Court noted that the committee will see properties should be sold first, which includes identifying the market value, as funds are primary to complete the unfinished projects.

The Supreme Court asked its registry to pay Rs 14 crore to NBCC for the work completed so far. The next hearing is scheduled on February 17. The Supreme Court was informed that MSTC has sold eight luxury cars attached on the court's order along with three apartments.

In December 2019, the Supreme Court had directed SBICAP Ventures Ltd, which manages the government sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, to decide within 10 days about financing the stalled projects.

The Supreme Court had directed Venkatramani to make an application to SBICAP Ventures.

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