A 3–judge bench of the Supreme Court on Tuesday sent three Amrapali Group directors – Anil Kumar Sharma, Shov Priya and Ajay Kumar into police custody.
The apex court took action against the directors for failing to furnish documents related to their accounts to the forensic auditors. Noida News
On September 26, the court had directed them to furnish all the documents within 24 hours.
Amrapali Group is yet to deliver around 42,000 flats in 10 housing projects in Gautam Budh Nagar.
Last year, Bank of Baroda had filed an insolvency petition before the National Company Law Tribunal (NCLT) after Amrapali failed to repay a loan of Rs 56 crore.
The move caused panic among homebuyers as according to them, their investment would not be protected under the insolvency and bankruptcy code as NCLT would give preference to banks before buyers.
In September 2017, a group of homebuyers from Noida had filed a plea in the Supreme Court seeking protection of their investments.
In January this year, buyers of five other housing projects which were stuck in Greater Noida also filed similar pleas. The Apex court clubbed all the pleas and started the hearing.
