Supreme Court Orders Disbursal of Rs 7 Cr to NBCC For Amrapali Projects

New Delhi: The Supreme Court today ordered disbursal first tranche of Rs 7.16 crore to NBCC Ltd for completion of stalled projects of realty firm Amrapali Group. 

The apex court also ordered that forensic audit report be handed over to the Enforcement Directorate and Delhi Police so that suitable action can be taken against the directors of the realty player which is facing multiple legal actions and fraud allegations. The court also asked for a copy of forensic audit report to be given to Institute of Chartered Accountants in India (ICAI) so that suitable action can be taken against the auditors of the company.

The court also asked the Noida and Greater Noida authorities to establish a nodal cell for issuing completion certificates to the buyers of Amrapali Group. 

On July 23, the court had not only cancelled RERA license of Amrapali Group but also designated NBCC to complete all the incomplete projects of the Group.  

There are about 42,000 home buyers who have booked and paid for the properties of the Amraplai Group spread over Noida and Greater Noida.