In Brief
The Supreme Court considered three sets of interim applications in the Amrapali fraud case involving La Residentia Developers Private Limited, a project marketed as an 'Amrapali Group' project to apartment buyers. Though forensic auditors found evidence of Amrapali Group control through Stunning Construction's 19.75% shareholding and other indicia, the Court declined to declare the company part of Amrapali or hand development to NBCC. Unlike stalled Amrapali projects, La Residentia showed continuous progress (1143 flats delivered, 1484 constructed), and transferring it would increase costs by 40-45%. The Court modified prior orders to allow sale of 632 surrendered flats under strict Court Receiver supervision, with surpluses credited to defrauded Amrapali buyers. Requests for full project takeover and exemption from GNIDA dues were rejected.">
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