New Delhi : Amrapali Group, once a real estate giant, is going through a bad phase these days. The group has received a major setback from the Supreme Court. The top court has directed the Metal Junk Trading Corporation (MSTC) to auction the Amrapali Group companies and directors for speedy disposal of the attached assets. Also, the amount received from the auction has been asked to be deposited in the registry of the Supreme Court. A bench of Justices Arun Mishra and UU Lalit said that the money stuck in the auction of the properties would help in completing the project quickly and returning the trust of home buyers.

The bench accepted the suggestions of Senior Advocate R Venkataramani, the receiver appointed by the Supreme Court in this case. The apex court has asked the debt recovery tribunal to hand over the attached assets papers to MSTC. The apex court has directed the Odisha State Housing Board to deposit Rs 34 crore in the registry, which was given by Amrapali Group to develop the residential complex.

The bench said that any money deposited by Amrapali will not be confiscated, as it is the money of the buyers, in which the company had rigged. Similarly, the Supreme Court has also directed the Raipur Development Authority (RDA) to deposit Rs 19 crore deposited with it in the registry. Let us tell you that the real estate industry is going through a terrible crisis these days due to the recession.

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