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SC Warned Amrapali Directors, says “Would Be Rendered Homeless If Tried To Play Smart”

The company Directors were asked to file affidavits within 15 days listing their movable and immovable properties.

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The apex court directed the company to furnish details on how it intends to arrange Rs 5,112 crore. Wikimedia Commons
The apex court directed the company to furnish details on how it intends to arrange Rs 5,112 crore. Wikimedia Commons
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The Supreme Court on Wednesday asked the Directors of the Amrapali Group to file details of all their movable and immovable assets along with valuation, and warned them that they would be rendered homeless if they tried “to play smart.”

A bench of Justice Arun Mishra and Justice U.U. Lalit clarified that all the properties of the directors would be sold if the company failed to raise Rs 5,112 crore required to complete its unfinished housing projects.

The apex court directed the company to furnish details on how it intends to arrange Rs 5,112 crore.

The company Directors were asked to file affidavits within 15 days listing their movable and immovable properties.

"Don't burden the home-buyers. Don't try to be smart. Tell your Directors also," the bench told the counsel. Wikimedia Commons
“Don’t burden the home-buyers. Don’t try to be smart. Tell your Directors also,” the bench told the counsel. Wikimedia Commons

When the company’s counsel Gaurav Bhatia told the court that home-buyers will also pay to help it raise Rs 5,112 crore, the court said: “The home-buyers will not pay a penny.”

“Don’t burden the home-buyers. Don’t try to be smart. Tell your Directors also,” the bench told the counsel.

“Tell us how you intend to arrange the money? Otherwise, you will be rendered homeless,” the bench said.

The court told the Directors that as they had made buyers wait for their homes, they will also search for their homes if they don’t submit the plan to arrange for money for the unfinished projects.

“Days are not away when you (Directors) will compel us to do this. If necessary, we will take every strip (of land) if you compel us. Next time, come (to the court) with the proposal,” the top court observed.

The real estate group is yet to hand over possession of flats to around 40,000 home-buyers. Wikimedia Commons
The real estate group is yet to hand over possession of flats to around 40,000 home-buyers. Wikimedia Commons

When the court was told that electricity supply at two projects of Amrapali — Zodiac and Silicon Valley — has been disconnected, it ordered the power companies concerned to restore electricity by Wednesday itself.

The court posted the matter for August 14.

On August 1, the court slammed the Amrapali Group for playing “fraud and dirty games” with it and ordered freezing of bank accounts of all the Directors of its 40 firms, besides attaching their personal properties.

Public sector undertaking National Building Construction Corporation was also directed to take over all 16 unfinished projects of the Amrapali Group.

The real estate group is yet to hand over possession of flats to around 40,000 home-buyers.

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The apex court has been hearing a batch of pleas filed by home-buyers who have sought quashing of the National Company Law Tribunal order to admit insolvency proceedings against the Amrapali Group.

The buyers belong to low and middle income groups and must be granted equal protection as other stakeholders, the financial and operational creditors, the home buyers’ plea said. (IANS)

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Another Deadline Missed, No Draft Scheme on the Cauvery Dispute Till Now

On the expiry of the six-week deadline, the Centre sought extension of time till the completion of the electoral process in Karnata for submission of the Scheme.

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The apex court directed the company to furnish details on how it intends to arrange Rs 5,112 crore. Wikimedia Commons
The apex court directed the company to furnish details on how it intends to arrange Rs 5,112 crore. Wikimedia Commons

The Centre yet again failed to submit a draft Scheme on the Cauvery river water dispute before the Supreme Court on the ground that the Prime Minister and other ministers were campaigning in Karnataka, which Tamil Nadu flayed as “brazen partisanship”.

Seeking 10 more days to finalize the scheme, Attorney General K.K. Venugopal told Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud: “A draft scheme has been placed before the Cabinet. Because of Karnataka elections, the Prime Minister and all other Ministers are in Karnataka. Before that the Prime Minister was abroad (in China).”

It also sought response from the Centre on the steps taken by it since the pronouncing of the judgement for putting in place a scheme for implementing its order on the sharing of Cauvery water among Karnataka, Tamil Nadu, Kerala and Puducherry.
Parliament of India, wikimedia commons

The Centre’s submission was countered strongly by senior counsel Shekhar Naphade, appearing for Tamil Nadu, who said: “Sorry to say, the Central government is politicizing the issue. They are worried about their electoral fate in Karnataka. Election in Karnataka is on May 12 and somehow they don’t want to do it till then. We have enough of it. It is brazen partisanship of the Union of India. It is the end of co-operative federalism.”

The apex court in its February 16 judgement had directed the Centre to frame a Scheme within six months in accordance with the recommendation by the Cauvery River Water Tribunal for constitution of the Cauvery Management Board (CMB) and Cauvery Regulatory Authority (CRA), which Karnataka opposes strongly.

On the expiry of the six-week deadline, the Centre sought extension of time till the completion of the electoral process in Karnata for submission of the Scheme. Tamil Nadu filed a contempt petition against the Centre for failure to act within the deadline.

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During Thursday’s hearing, the court directed the Karnataka government to respond on how much of the four TMC of water it can release by month end. It also sought response from the Centre on the steps taken by it since the pronouncing of the judgement for putting in place a scheme for implementing its order on the sharing of Cauvery water among Karnataka, Tamil Nadu, Kerala and Puducherry.

In the course of the hearing, the court asked Karnataka to release 4 TMC of water by Monday.

The court said that even if the Centre has not framed the scheme, Karnataka, under the Cauvery Water Dispute Tribunal award, was obliged to make monthly releases to Tamil Nadu.

The court directed the next hearing of the matter on Tuesday. (IANS)