SC constitutes 4-member committee for speedy auction of Amrapali properties

New Delhi: The Supreme Court Monday constituted a 4-member committee, including two of its forensic auditors, for speedy disposal of assets in auction of the now defunct Amrapali Group to raise funds for several stalled projects.

The top court also asked National Buildings Construction Corporation (NBCC) to expeditiously start work on seven stalled projects of Amrapali Group.

A bench of Justices Arun Mishra and U U Lalit constituted the committee comprising Rajiv Bhatia and Pawan Aggarwal (forensic auditors); court appointed receiver, senior advocate R Venkatramani who will assist state-owned MSTC to auction the assets of Amrapali Group, and D K Mishra, a chartered accountant.

"The committee will look into which properties should be sold first, what is its market value and how much revenue could be generated. Each and every thing will be seen by the committee. We need funds to complete the stalled projects," the bench said. It directed the NBCC to take up the construction work expeditiously and directed the apex court registry to pay Rs 14 crore to it for the work it has completed so far.

The top court asked the NBCC to start the tender process for all the seven stalled projects of Amrapali in Noida and Greater Noida areas.

It was informed that till now eight luxury cars which were attached on the court's order had been sold by MSTC along with three apartments.

The bench posted the matter for further hearing on February 17.

On December 18 last year, the apex court had directed SBICAP Ventures Ltd, which manages government sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, to take a call within 10 days on financing the completion of stalled projects of the now defunct Amrapali Group.