Housing: Residential project – Project to be developed by the Company concerned was widely advertised through brochures and advertisements as ‘Amrapali La Residentia’ project, promising delivery of apartments within 36 months – Claim of flat buyers – Writ Petition filed in Supreme Court submitting that amounts invested by the apartment holders were siphoned away by the Amrapali Group of Companies – While entertaining the writ petitions, Supreme Court directed audit by forensic auditors – Observations of forensic auditor quoted with approval by Supreme Court in its Judgment dated 23.07.2019 – Another order dated 14.10.2019 subsequently passed by Supreme Court – Prayer in interim applications either seeking recall of Supreme Court orders dated 23.07.2019 and 14.10.2019 or revisit of the issue whether the Company ought to be declared as part of the Amrapali Group of Companies – Tenability – Held: Not tenable, more particularly because of the developments with respect to the instant project – Unlike all the other projects of the Amrapali Group which were made over to the NBCC, the development with respect to the instant project has always been an on-going process – Further, if the instant project is now handed over to the NBCC, it would result in escalation in costs to the detriment of the flat buyers – That apart, the interest of the Amrapali Group of Companies and consequently that of the flat buyers who had invested money in other Amrapali Projects already stood quantified at 19.75% by Orders dated 23.07.2019 and 14.10.2019 – Considering all the features of the matter, it would not be just and proper to hand over the development at this stage to the NBCC – It would not be appropriate to recall the orders dated 23.07.2019 and 14.10.2019 or to revisit the issue whether the Company could be declared to be part of the Amrapali Group of Companies – However, directions passed to secure the amounts receivable by Amrapali Group of Companies through the instant project – Applications under consideration accordingly disposed of.
As published in the Supreme Court Reports, Supreme Court of India. Text from the Indian Supreme Court Judgments open data set (Dattam Labs), CC BY 4.0.
This page is for informational and research purposes only and does not constitute legal advice. Consult a qualified advocate for advice specific to your situation.