Supreme Court cancels Amrapali Group's RERA registration, asks NBCC to complete pending projects
Updated : July 23, 2019 11:01 PM IST
A bench, comprising Justice Arun Mishra and Justice U.U. Lalit, also noted that Amrapali Group had committed a major violation of FEMA and FDI norms and directed the ED to register a money laundering case against the company, its CEO and managing director, and directors.
The court observed that Amrapali Group's top management diverted homebuyers' money to build their personal assets, instead of completing its housing projects.
Reserving a verdict in the case, the apex court had on May 10 noted that the homebuyers had already paid the company Rs 1,100 crore, which was more than the cost of its projects.