Amrapali Tech Park properties in Raipur to be sold

Amrapali Tech Park properties in Raipur will be evaluated within 10 days and sold by January end to repay the money of homebuyers, said the Supreme Court on Wednesday. The next hearing in the case is likely to take place in the second week of January. A division bench of the apex court headed by Justice Arun Misra comprising Justice Uday Umesh Lalit also stayed the move of Amrapali to disconnect electricity and power supply to the residents of its societies. However, the apex court clarified that the electricity bills would be paid by the homebuyers. Earlier pending bills had to be paid after auctioning the properties of Amrapali directors. The Supreme Court also asked Noida and Greater Noida authorities to give water connections to Amrapali homebuyers urgently. Last week, the Supreme Court had ordered the attachment of real estate company Amrapali's 5-star hotel, fast-moving consumer goods (FMCG) company, corporate office, and malls. The court had expressed displeasure over the way Amrapali diverted its money collected from homebuyers. The apex court had also attached all high-end luxury cars of the company. The apex court is hearing a batch of pleas filed by flat buyers who have sought quashing of the September 4 last year's National Company Law Tribunal (NCLT) order. They have argued the moratorium imposed under the provisions of the Insolvency and Bankruptcy Code, 2016, is violative of the Article 14 (equality before law) of the Constitution.