Amrapali submits Rs 5,647-crore property details in Apex Court

NEW DELHI: The Amrapali Group on Tuesday submitted details of all encumbered and unencumbered properties to the Supreme Court, with its affidavit claiming the value of the realisable assets at Rs 5,647 crore.
The company also proposed to complete and sell commercial space worth Rs 1,040 crore within two years. Sale proceedings of this could then be used to complete the development of projects falling under Category A and B.

According to the company, Rs 205 crore would initially be required to complete 11,403 flats in Category A projects and another Rs 637 crore for 9,715 apartments in Category B projects.

Amrapali also plans to sell properties in Vrindavan, Bhubaneswar, Bareilly, Indore, Jaipur, Udaipur, Raipur, Patna and Muzzafarpur, among other cities, worth Rs 1,193 crore.

The Supreme Court also ordered a forensic audit of all companies of the Group. The auditor has been asked to give details including names of competent firms by August 28.

During the hearing, it was pointed out by opposing counsels that Amrapali had not filed details of eight companies in its affidavit submitted with the Supreme Court. The court reprimanded the company and asked it to furnish details of these eight companies.

The apex court also said the maintenance charges should be paid by Amrapali, since legally ownership had not been transferred to the flat owners.

The order relates to Pashchimanchal Vidyut Vitaran Nigam cutting electricity in Amrapali Zodiac recently due to non-payment of dues worth Rs 2.57 crore.

Previously, Uttar Pradesh Power Corporation had cut power supply of Silicon City, Platinum and Princely Estate projects for non-payment of dues worth Rs 8 crore.

“Buyers have paid all their electricity dues to Amrapali since most of them are using pre-paid electricity meter. The builder however has not submitted the same to concerned authority,” said Ashwarya Sinha, counsel representing Amrapali homebuyers.

The Supreme Court directed Amrapali to pay all electricity arrears till August 1.

It also ordered power companies to not cut electricity connection without the permission of the court. The case will next be heard on September 4.