INSUBCONTINENT EXCLUSIVE:
The Supreme Court earlier appointed NBCC to complete all of Amrapali group's pending projects
The
Supreme Court on Monday directed disbursement of Rs 7.16 crore to state-run National Buildings Construction Corporation (NBCC) to complete
two stalled projects of the embattled real estate group Amrapali, which has been accused of fraud
The sum was earlier deposited by the Amrapali group with the top court's registry
The two projects are in Noida and Greater Noida
Here are 10 things to know:In its order on Monday, the Supreme Court also directed that a forensic audit report be given to
the Enforcement Directorate, Delhi Police and the Institute of Chartered Accountants in India (ICAI) for taking appropriate action against
Amrapali directors and auditors.It also directed the Noida and Greater Noida authorities to comply with its earlier order.The bench -
comprising justices Arun Mishra and UU Lalit - also directed the Noida and Greater Noida authorities to set up a nodal cell for issuing
completion certificates to homebuyers.Last week, the authorities told the top court that they had created a special cell to ease out the
problems of Amrapali homebuyers.The court then directed them to start the registration of flats and grant completion certificates to
thousands of harassed homebuyers.In a ruling on July 23, the court had cancelled the Amrapali group's Real Estate Regulatory Authority
licence and appointed NBCC to complete all its pending projects.That verdict brought a big relief for more than 42,000 homebuyers who had
sought possession of flats booked in Amrapali group projects.Earlier, an audit report revealed that around Rs 3,500 crore of homebuyers'
money was diverted by the Amrapali top brass.The bench posted the matter for further hearing on September 11.Following this development,
NBCC share price surged 4.23 per cent to Rs 33.30, outperforming the Sensex which was up 1.5 per cent.Get Breaking news, live coverage, and
Latest News from India and around the world on TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
