Supreme Court of India has paved the way for auctioning off Assets of Amrapali group in six cities including Udaipur. The other cities include Delhi NCR, Bhubaneswar, Jaipur, Sikkim and Raipur.
The properties are unencumbered and could be disposed of without any hurdle. The 16 properties situated in these cities are expected to contribute Rs 1328 Crores and this amount will be handed over to National Buildings Construction Corporation for completing unfinished work of Amrapali group.
Overalll 46,575 home buyers had invested in projects of Amrapali group forcing the SC to interven and entrusting Debt Recovery Tribunal to sell off the properties to raise money for completion.
Properties of promoters and directors may also be sold off to raise money, if required.
Amrapali group has also been asked to transfer Rs 25 lakh to tribunal to meet expenses for selling the properties.
Court expressed surprise when it was informed that none of 46 companies of Amrapali Group had furnished IT-returns since 2015.