Highlights of the Judgement given by the Honourable Supreme Court on 22 July 19, in Amrapali Construction Case:

  • This judgement applies to all projects in Noida Greater Noida and for that matter, entire India.
  • The ongoing criminal cases against builders and all connected and indicted, to continue.
  • No EMIs to be paid to banks and they can’t ask for it too, since their collusion in this fraud has been proven and they too have indicted in this crime of fraud.
  • The Honourable Supreme Court has blamed the Directors, the Noida and Greater Noida Authority ( by extended and extrapolated logic YIEDA too), the Banks, Chartered Accounts, J.P Morgan (the international consultant ) for their collusion in the crime of fraud.
  • All leases have been cancelled. Amrapali and their Directors will have no right on the project or its related land, other assets and the residual deposits in the bank. They have been entirely thrown out of it all. A Receiver has been appointed instead by the Honourable Supreme Court ( a senior Supreme Court Advocate- Mr Venkat Ramani). The authority for the entire project and responsibility to get the project completed has been vested in the Receiver appointed by the Honourable Supreme Court.
  • The project to be completed by NBCC by using the remainder bank deposits of the project, sell of private assets if the Directors and their relatives and attaching their bank accounts.
  • The Home Buyers to pay their remaining amount to NBCC through the  Receiver appointed by the Honourable Supreme Court for phased completion of the project.
  • The project to be completed and possession is given to Home Buyers, inclusive of Occupancy Certificate to be issued by Noida / Greater Noida Authority without any further payment whatsoever (since they have indicted for collusion in the crime of fraud). Water and Electricity connection for the project to be also provided by these authorities.
  • A Tripartite agreement to be drawn within 30 days to also include Home Buyers and Noida/ Greater Noida Authority.
  • The Honourable Supreme Court has directed  Enforcement Directorate (ED) to proceed against the defaulters. FEMA has been invoked against them.
  • The criminal proceedings instituted against defaulters and indicted in the crime of fraud, to continue

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