On Tuesday, the
Supreme Court came out with two rulings that sound the bugle against the directors and promoters of defaulting real estate firms. In the first case, the Supreme Court said it would first sell the personal assets of the promoters and directors of Amrapali group to secure over Rs 50 billion for construction of pending projects. The construction will be done by the National Buildings Construction Corporation India Ltd (
NBCC). In the second case, it ordered auction of Unitech directors' unencumbered assets to refund money to home buyers.
The SC's latest ruling may come as a relief for the homebuyers who would hope it either fetches them their refund or the house they have already paid for.
Supreme Court on Amrapali
The Supreme Court on Tuesday said that the only way to secure over Rs 51.12 billion from real estate major Amrapali Group for construction of pending projects by the NBCC (India) Ltd is to sell the individual properties of the directors of the company, news agency IANS reported.
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