The Supreme Court on Thursday directed a forensic audit of all 46 companies of Amrapali group and assets of their directors within two months. The Supreme Court made this decision to investigate where the homebuyers’ money has been diverted. The Supreme Court’s ruling comes a month after it came down heavily on the real estate giant for alleged diversion of funds. During the matter’s hearing, Bank of Baroda has alleged that Amrapali Group diverted Rs 2,156 crore with some amount transferred to companies owned by family members of the group chairman.
A bench of Justices Arun Mishra and UU Lalit also ordered the auctioning of properties of the real estate firm Amrapali Group in order to generate money for the completion of its various unfinished project.
In its order, the Supreme Court said that initially Amrapali Group’s 16 properties in India, including commercials, would be auctioned and later personal properties of company’s promoters and directors will be auctioned or sold to generate money for completion of its unfinished projects. The Supreme Court has fixed September 12 as the next date of hearing in the case.
The Supreme Court is hearing a plea of over 100 homebuyers seeking a stay on the September 2017 National Company Law Tribunal’s (NCLT) Allahabad Bench admission of a plea for Amrapali’s insolvency filed by Bank of Baroda.