{"id":217239,"date":"2019-07-23T21:50:40","date_gmt":"2019-07-23T16:20:40","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=217239"},"modified":"2019-08-01T13:29:09","modified_gmt":"2019-08-01T07:59:09","slug":"sc-cancels-amrapali-groups-rera-registration-for-defrauding-homebuyers","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/23\/sc-cancels-amrapali-groups-rera-registration-for-defrauding-homebuyers\/","title":{"rendered":"SC cancels Amrapali Group\u2019s RERA registration for defrauding homebuyers"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Supreme Court<\/strong>: The bench of Arun Mishra and UU Lalit, JJ has cancelled the registration of Amrapali Group of Companies under RERA for defrauding homebuyers. The Court also cancelled the various lease deeds granted in favour of Amrapali Group of Companies by Noida and Greater Noida Authorities for projects in question.<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cBecause of their failure to fulfil the obligations towards the buyers and the serious kind of fraud which has been played by them upon the home buyers, the registration of Amrapali group of companies under the Real Estate Regulation and Development Act, 2016 deserves to be cancelled.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">The Court noticed that no accounts were prepared w.e.f. the years 2015-2018 and money withdrawn was diverted during the said period. <span style=\"color: #ff0000;\"><em>The Statutory Auditor, Anil Mittal failed in duty and was part of fraudulent activities as found in the Forensic Report<\/em><\/span>. The money obtained from banks was diverted to unapproved uses such as for the creation of personal assets of Directors, creation of assets in closely held companies by the Directors along with their partners and relatives, for personal expenses of Directors, to give advances without carrying interest for several years. <span style=\"color: #ff0000;\"><em>There was total non-monitoring by the bankers<\/em><\/span>.<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cThe Noida and Greater Noida Authorities were grossly negligent in reviewing and monitoring the progress of the projects and in collusion with leaseholders failed to take action concerning nonpayment of dues and illegally permitted the group to sub-lease the land without payment of dues. Bogus allotments of flats were made. There were other irregularities galore.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">Below are some of the important directions issued by the Court,<\/p>\n<ul style=\"text-align: justify;\">\n<li>Noida and Greater Noida Authorities shall have no right to sell the flats of the home buyers or the land leased out for the realization of their dues. Their dues shall have to be recovered from the sale of other properties which have been attached. The direction holds good for the recovery of the dues of the various Banks also.<\/li>\n<li>NBCC has been appointed to complete the various projects and hand over the possession to the buyers. The percentage of commission of NBCC is fixed at 8 percent.<\/li>\n<li>The home buyers are directed to deposit the outstanding amount under the Agreement entered with the promoters within 3 months from today in the Bank account opened in UCO Bank in the Branch of this Court. The amount deposited by them shall be invested in the fixed deposit to be disbursed under the order of this Court on phase-wise completion of the projects\/work by the NBCC.<\/li>\n<li>Various Companies\/ Directors and other incumbents in whose hands money of the home buyers is available as per the report of Forensic Auditors, should deposit the same in the Court within one month. The last opportunity of one month is granted to deposit the amount and to do the needful failing which appropriate action shall be taken against them.<\/li>\n<li>Concerned Ministry of Central Government, as well as the State Government and the Secretary of Housing and Urban Development, should ensure that appropriate action is taken as against leaseholders concerning such similar projects at Noida and Greater Noida and other places in various States, where projects have not been completed.<\/li>\n<li>Senior Advocate R. Venkataramani has been appointed as the Court Receiver. The right of the lessee shall vest in the Court Receiver and he shall execute through authorized person on his behalf, the tripartite agreement and do all other acts as may be necessary and also to ensure that title is passed on to home buyers and possession is handed over to them.<\/li>\n<li>Noida and Greater Noida Authorities are also directed to execute the tripartite agreement within one month concerning the projects where homebuyers are residing and issue completion certificate notwithstanding that the dues are to be recovered under this order by the sale of the other attached properties. Registered conveyance deed shall also be executed in favour of homebuyers, they are to be placed in the possession and they shall continue to do so in future on completion of projects or in part as the case may be.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The Court also said,<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cIn view of the finding recorded by the Forensic Auditors and fraud unearthed, indicating prima facie violation of the FEMA and other fraudulent activities, money laundering, we direct Enforcement Directorate and concerned authorities to investigate and fix liability on persons responsible for such violation and submit the progress report in the Court and let the police also submit the report of the investigation made by them so far.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">It also directed the Institute of Chartered Accountants of India to initiate the appropriate disciplinary action against Anil Mittal, CA for his conduct as reflected in various transactions and the findings recorded in the order and his overall conduct as found on Forensic Audit. The proceedings are to be completed within 6 months.<\/p>\n<p style=\"text-align: justify;\">[Bikram Chatterjee v. Union of India, <a href=\"http:\/\/scconline.com\/DocumentLink\/557QDb7d\"><b>2019 SCC OnLine SC 901<\/b><\/a>, decided on 23.07.2019]<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court: The bench of Arun Mishra and UU Lalit, JJ has cancelled the registration of Amrapali Group of Companies under RERA <\/p>\n","protected":false},"author":121,"featured_media":154914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[31365,10141,19261],"class_list":["post-217239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-amrapali-group","tag-fraud","tag-money-laundering"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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case","author":"Arunima","date":"November 18, 2023","format":false,"excerpt":"FIRs were registered on the complaints of homebuyers, who have alleged that Amrapali Leisure Valley Private Limited, Amrapali Dream Valley Private Limited, and their directors\/officials, including the applicant have committed offences of cheating, fraud and criminal breach of trust in respect of various residential projects in Greater Noida, Uttar Pradesh.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"delhi high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/delhi-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/delhi-high-court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/delhi-high-court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/delhi-high-court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":199937,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/09\/real-estate-major-amrapali-group-asked-to-submit-the-valuation-report-of-its-directors\/","url_meta":{"origin":217239,"position":1},"title":"Real estate major Amrapali group asked to submit the valuation report of its directors","author":"Bhumika Indulia","date":"August 9, 2018","format":false,"excerpt":"Supreme Court: The Bench comprising of Arun Mishra and UU Lalit, JJ., in an order to the real estate major Amrapali Group stated that the Supreme Court would sell \u201ceach and every property\u201d of the firm in order to recover the cost of construction of all the pending projects. The\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":212453,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/27\/ms-dhoni-approaches-sc-seeking-payment-of-dues-from-amrapali-group-for-acting-as-their-brand-ambassador\/","url_meta":{"origin":217239,"position":2},"title":"MS Dhoni approaches SC seeking payment of dues from Amrapali Group for acting as their Brand Ambassador","author":"Prachi Bhardwaj","date":"March 27, 2019","format":false,"excerpt":"Supreme Court: Former Indian skipper Mahendra Singh Dhoni on Tuesday approached the Court seeking its direction to Amrapali\u00a0 group for payment of his pending dues allegedly amounting to Rs 40 crore towards his services to the real-estate company. His lawyer argued: \"The embattled real estate group owes Rs 40 crore\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":211102,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/28\/sc-directs-arrest-of-amrapali-group-cmd-anil-sharma-and-two-other-directors\/","url_meta":{"origin":217239,"position":3},"title":"SC directs arrest of Amrapali Group CMD, Anil Sharma and two other directors","author":"Prachi Bhardwaj","date":"February 28, 2019","format":false,"excerpt":"Supreme Court:\u00a0In the case relating to\u00a0non-delivery of around 42,000 flats to homebuyers by the beleaguered Amrapali Group, the Court has allowed Delhi Police to arrest Amrapali Group chairman and managing director Anil Sharma in relation to a criminal complaint filed against him. The top court also said that the Economic\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":230719,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/10\/restructure-the-loan-amount-and-release-it-to-home-buyers-of-amrapali-group-sc-to-rbi\/","url_meta":{"origin":217239,"position":4},"title":"Restructure the loan amount and release it to home buyers of Amrapali Group: SC to RBI","author":"Prachi Bhardwaj","date":"June 10, 2020","format":false,"excerpt":"Supreme Court: The bench of Arun Mishra and UU Lalit, JJ directed the banks and financial institutions to release loans to home buyers of Amrapali Group, whose loans have been sanctioned, notwithstanding the fact that their accounts are declared as Non-Performing Assets (NPAs). \u201cLet there be restructuring of the loan\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case 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