Supreme Court favours auction of 16 projects of Amrapali by NBCC, grills CMD

NEW DELHI: The Supreme Court on Thursday ordered selling of 16 unencumbered properties of Amrapali Group and attached personal properties of company’s directors. The manner in which these properties are to be sold will be decided later.

In a previous affidavit, Amrapali informed the Court that they have 21unencumbered properties worth Rs 2,535.56 crore while Anil Kumar Sharma, chairman and MD of the company, gave details of his immovable assets worth Rs 32.73 crore.

However, the details of personal properties of other directors are not available.


The SC has given four days’ time to directors to file an affidavit containing details of all their personal assets and further details of company’s encumbered properties worth Rs 3,114 crore.

The Court has also asked Noida and Greater Noida authorities to give details of maximum permissible floor area ratio for the properties (land parcels) falling under their purview, along with the charges which they will levy when these additional saleable areas are sold.

The money received will, then, be used to fund incomplete residential projects.

In a previous hearing, NBCC has submitted its report saying that about Rs 8,500 crore are needed to complete 46,575 residential units in Category A, B and C projects. NBCC had said they will not be investing anything from their pocket and funds must be arranged beforehand for the agreement to be taken forward.

The apex court has also ordered forensic audit of all group companies.