News Karnataka
Monday, March 27 2023

Amrapali Group promoters can’t leave the country, orders SC

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New Delhi: The Supreme Court on Friday restrained the promoters of real estate major Amrapali Group from leaving the country as it appointed senior counsel Shekhar Naphade and Shubangi Tuli to represent the home buyers in the creditors meeting.

The bench of Chief Justice Dipak Misra, Justice A.M.Khanwilkar and Justice D.Y.Chandrachud said that the home buyers will have to be heard during creditors meeting as it asked the Interim Resolution Professional appointed by National Company Law Tribunal to submit status report within 45 days.

The court also sought Centre’s response on the plea by the Amrapali Silicon City Flat Owners Welfare Society.

The court asked senior counsel Naphade and Tuli to participate in the meeting of the creditors and espouse the “case and cause” of homme buyers, as it tagged Friday’s petition by Amrapali Silicon City Flat Owners Welfare Society with an already pending matter.

The NCLT had initiated proceedings against Amrapali Silicon City in Noida on an insolvency petition under the Insolvency and Bankruptcy Code 2016, by Bank of Baroda for the default of Rs 55 crore by the real estate company.

More than 150 flat buyers have moved the top court challenging the NCLT order.

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