Coming down heavily on the Amrapali Group, the Supreme Court on Wednesday warned directors of the embattled real estate company "not to play smart" with the court or it will render them homeless. The SC fixed the matter for further hearing on August 14.
"Either you give home or flats to home buyers or else we will sell all your flats to ensure raising required amount of the funds so that the unfinished projects can be constructed. We will make you homeless, unless you give the flats to the homebuyers," the court told the Amrapali Group.
The court would sell "each and every property" of the firm to recover the cost of construction of the pending real estate projects, a bench of Justices Arun Mishra and UU Lalit also threatened.
"The real problem is that you have delayed giving possession of homes. Don't try to play smart or we will sell each and every property of yours and render you homeless," the bench said.
The bench asked the group to submit within 15 days a valuation report of movable and immovable properties of its managing director and directors.
It also sought the details of companies that were looking after the maintenance of Amrapali projects and the funds they have collected and disbursed so far.
The apex court enquired about the details of its serving directors and those who have left the Amrapali group since 2008.
The top court, however, asked the power companies to restore the electricity at two projects of the group which was disconnected owing to arrears.
The apex court also asked the real estate company to file a detailed proposal on selling of its assets to raise Rs 4,000 crore to ensure completing the housing projects.
On August 1, the court had cracked the whip on Amrapali Group of companies for playing "fraud" and "dirty games" with the court and ordered attachment of all bank accounts and movable properties of 40 firms of the real estate major.
The apex court had also directed Amrapali Group of companies, which were yet to hand over possession of flats to around 42,000 hassled home buyers, to place before it details of all its bank accounts from 2008 till hen and ordered freezing of bank accounts of all the directors of its 40 firms besides attaching their personal properties.
On August 2, the National Buildings Construction Corporation (NBCC) India Ltd told the Supreme Court it was ready to "undertake" the projects of the group.
A bench of Justices Arun Mishra and U U Lalit had asked the NBCC to place before it a "concrete proposal" in this regard within 30 days as to how they propose to complete the projects along with a time line of work.
(With agency inputs)