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Registration certificate of Amrapali Group cancelled for duping innocent homebuyers: SC

July 24, 2019[2019] 107 taxmann.com 345 (SC)
316 Views

IBC : Home buyers are not responsible for fraudulent diversion of money by real-estate company; non-payment of dues of Authorities and banks by real estate companies of Amrapali group would not come in way of occupation of flats by home buyers; as Forensic Audit Report exposes huge fraud and violation of different Acts by Amrapali real estate group of companies, their RERA registrations were cancelled; incomplete projects were handed over to government's NBCC

• The various lease deeds granted in favour of Amrapali Group of Companies by Noida and Greater Noida Authorities for projects in question stand cancelled and rights vest in Court Receiver.

• 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.

• NBCC is appointed to complete various projects and hand over the possession to the buyers.

• In 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, Enforcement Directorate and concerned authorities are directed to investigate and fix liability on persons responsible for such violation.

• The Institute of Chartered Accountants of India is directed to initiate the appropriate disciplinary action against Mr. 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.

• Various Companies/Directors and other incumbents in whose hands money of the home buyers is available as per the report of Forensic Auditors are directed, to deposit the same in the Court within one month failing which appropriate action shall be taken against them.

• Concerned Ministry of Central Government, as well as the State Government and the Secretary of Housing and Urban Development, are directed to ensure that appropriate action is taken as against leaseholders concerning such similar projects and to ensure that projects are completed in a time-bound manner as contemplated in RERA and home buyers are not defrauded.

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