Selling directors' properties only way to secure Rs 5,112 crore from Amrapali, says Supreme Court
Updated : August 22, 2018 07:58 AM IST
A bench of Justice Arun Mishra and Justice U.U. Lalit said that residential projects of Amrapali in the National Capital Region seem prima facie illegal and its real estate business is like "a well-operated cobweb".
The bench asked the realtor to file an affidavit in seven days having details of all the directors who have even served for a few months in the group and their individual properties and bank accounts, and made it clear that it would not touch the bona fide directors.
The court had clarified that all the properties of the directors would be sold if the company failed to raise Rs 5,112 crore required to complete its unfinished housing projects and directed the company to furnish details on how it intends to arrange the money.