Supreme Court Directs Metal Scrap Trade Corporation To Auction Attached Properties Of The Amrapali Group

The Supreme Court has directed the Metal Scrap Trade Corporation (MSTC) to auction attached properties of the defunct Amrapali Group of Companies as well as its directors, and deposit the cash with the registry of the court.

Funds collected through the auction would help in speedy completion of stalled projects and bring back the confidence of cheated home buyers who had purchased residences from the Amrapali Group, the court stated.

The court has directed that relevant documents of attached Amrapali Group properties with the Debt Recovery Tribunal (DRT) be given to the MSTC, in order to facilitate the auction. It directed the Orissa State Housing Board to deposit Rs 34 crore with the court registry, which had been deposited by Amrapali Group with it to develop a housing project.

Similarly, the top court asked the Raipur Development Authority to deposit Rs 19 crore with the registry.

Earlier, the Supreme Court had ordered cancellation of the registration of the Amrapali Group under Real Estate (Regulation and Development) Act, 2016 and ousted it from its prime properties in the National Capital Region (NCR) by cancelling its land leases.

It had directed a fresh probe by the Enforcement Directorate (ED) into alleged money laundering by the Amrapali Group, besides a probe by the Economic Offences Wing (EOW) of the Delhi Police.

The top court had directed the state-run National Buildings Construction Corporation (NBCC) to complete the stalled projects of the Amrapali Group, whose directors Anil Kumar Sharma, Shiv Priya and Ajay Kumar are behind the bars after a Supreme Court order.