In Brief
In this writ petition concerning the Amrapali La-Residentia project in Greater Noida, homebuyers sought completion of their apartments and claimed that the project belonged to the Amrapali Group of Companies (which had been found to fraudulently divert buyer funds). Although the Amrapali-linked company Stunning held 19.75% shares, the Supreme Court held that the Company was not itself part of Amrapali Group and rejected applications to hand over the entire project to NBCC (the designated completion agency for Amrapali projects). The Court found that unlike stalled Amrapali projects, La-Residentia had continuous active development with 1143 flats delivered and cost implications favoring continued Company management. The 632 disputed flats were permitted to be sold under Receiver supervision with proceeds for Amrapali Group benefit."
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