9911796707
TMI Blog2018 (5) TMI 2023X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. M.L. Lahoty,Adv., Mr. Paban K. Sharma,Adv., Ms. Ishita Bist,Adv., Mr. Anchit Sripat,Adv., Mr. Himanshu Shekhar,AOR, Mr. Abhinav Jain,Adv., For Mr. Himanshu Shekhar, AOR, Mr. Shadan Farasat,AOR, Mr. Suhail R. Bhat,Adv., Mr. Jayant Mehta,Adv., Mr. Sukant Vikram,AOR, Mr. Abhinav Ankit,Adv., Mr. Anshumaan Sahni,Adv., Mr. R. Sathish,AOR, Mr. Mohan Das KK,Adv., Mr. Rajesh Kumar,Adv., Ms. S. Geetha,Adv., Ms. Smitha Romi,Adv., Mr. Vivek Narayan Sharma,AOR, Mr. Sidharth Mahajan,Adv., Ms. Shubhama Awasthi,Adv., Mr. Akash Sharma,Adv., Mr. Suman Tripathy,Adv., Mr. Rameshwar Prasad Goyal,AOR, Mr. Ranjay,Adv., Mr. Usman Ghani Khan,Adv., Mr. Mushtaq Sali,Adv., Ms. Pallavi Pratap,AOR, Mr. G.C. Tyagi,Adv., Mr. Kailash Pandey,Adv., Mr. Brijesh Tyagi,Adv., For Mr. Kailash Prashad Pandey,AOR, Ms. Sangeeta Singh,Adv., For Mr. Prakash Ranjan Nayak,AOR,Mr. Nitin Bajpai,Adv., Mr. Udit Grover,Adv., Mr. Vijay Kumar,Adv., Mr. Thomas Common,Adv., For Mr. A.P. Mayee,AOR, Mr. Sagar Rao,Adv., Ms. Mridula Ray Bharadwaj,AOR, Mr. Manish Kumar Saran,AOR, Mr. Prithvi Pal,AOR, Mr. Shishir Pinaki,AOR, Mr. Shovan Mishra,AOR, Ms. Sayaree Basu Mallik,AOR, Mr. Gopal Jha,AOR, Mr. Aniruddha P. Mayee,AOR, Mr. A.P. Mohant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., Ms. Gunjan Ahuja,Adv., Mr. Abhimanyu Bhandari,Adv., Ms. Nattasha Garg,Adv., Mr. Chaitanya Madan,Adv., Mr. Naveen Kumar,AOR, Mr. Aneesh Mittal,AOR, Ms. Shreya Sharma,Adv., Mr. Abhinav Shrivastava,AOR, Mr. Rahul Gupta,Adv., Mr. R.P. Singh,Adv., Mr. Aditya Sharma,Adv., For Mr. Sanjay Kumar Dubey,AOR, Mr. Ravindra Kumar,AOR, Mr. Rabin Majumder,AOR, Mr. Akhilesh Kumar Pandey,AOR, M/s. Cyril Amarchand Mangaldas,AOR, Mrs. Anil Katiyar,AOR, Mr. Rajesh Kumar Gupta,AOR, Mr. Balaji Srinivasan,AOR, Ms. Rajkumari Banju,AOR, Mr. Pakash Kumar Singh,AOR, Mr. Divyakant Lahoti,AOR, Ms. Rashmi Singh,AOR, Mr. Anoop Prakash Awasthi,AOR, Mr. Sumit Sinha,AOR, Mr. K. Paari Vendhan,AOR, Mr. Somiran Sharma,AOR, Ms. Priyanka Das,Adv., Mr. Manoj,Adv., For Mr. T. Mahipal,AOR ORDER 1. Heard learned counsel for the parties. 2. Pursuant to our request made to the learned counsel, they have sat together and a joint statement has been filed for containing the proposal for completion of the various projects. A joint meeting had been conducted between the lawyers representing the buyers and builder of Amrapali Group and the representatives of Greater NOIDA and NOIDA. The proposals are in the form of four basket ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r towers, being towers N, O and P, which comprise 319 units. Time agreed for completion of same is 12 months and it has been proposed that M/s. Kanodia Business Pvt. Ltd. will be the co-developer. It is also agreed to that as there is no water tank, no lift in three towers, i.e., N, O & P, the work of water tank and lifts in these towers shall be completed within six months from today. As the inhabitants are already occupying certain portion upto fifth floor, let arrangements be made, as agreed to, for water tank on priority basis. Adequate provision for electricity connection shall also be made within three months from today. We defer the order with respect to Amrapali Silicon project, as agreed to. THIRD BASKET Amrapali-the promoter has proposed certain projects in category-A, namely, Zodiac, Platinum, Titanium and Eden Park in this basket. The promoter of the Zodiac is M/s. Amrapali Zodiac Developers Pvt. Ltd., whereas the promoter of Platinum and Titanium is M/s. Ultra Home Construction Pvt. Ltd. and of Eden Park, the promoter is Amrapali Eden Park Developers Pvt. Ltd. The following agreement has been reached with respect to the aforesaid category 'A' projects : A.1. ZOD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded over as soon as the project is completed. (ii) Kingswood : Kingswood comprises of 1596 units. The work shall be completed within nine months to 22 (twenty two) months. The promoter of Golf Homes and Kingswood projects is M/s. Amrapali Smart City Developers Pvt. Ltd. and the co-developer is M/s. IIFL. B.3. TECH PARK : Tech Park project is located in Greater NOIDA. The promoter is M/s. Ultra Home Construction Pvt. Ltd. and the co-developer is M/s. IIFL The work shall be completed within the time limit of 18-24 months. PROJECT COSMOS KOCHI : In COSMOS KOCHI, project at Kochi, the time limit for completion is fixed from 9 to 18 months. The promoter of the Vananchal 'Kochi', project is M/s. Ultra Home Constructions Pvt. Ltd. In VANANCHAL CITY, Ranchi project also, the promoter is M/s. Ultra Home Constructions Pvt. Ltd. The co-developer for both the Vananchal projects is M/s. IIFL. FOURTH BASKET I. DREAM VALLEY : The promoter of Dream Valley is Amrapali Dream Valley Pvt. Ltd. This project comprises of Dream Valley Villa and Enchante, with respect to which proposal has been filed. a) Dream Valley (Villa) : This project comprises of 379 units. The work shall be comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eme Court Branch, situated in the premises itself. At this juncture, we deem it appropriate to direct the promoters to deposit a sum of Rs. 250/- crores (Rupees Two Hundred Fifty Crores) in the said escrow account, and money shall be deposited on or before 15th June, 2018. 6. A proposal has also been submitted on behalf of the promoters of the aforesaid projects to sell some of un-encumbered property, details of which have been given at page 28 of the affidavit dated 16.5.2018. Out of the aforesaid proposal, we find that the properties mentioned at serial numbers 11 and 15 are of high value. The unlaunched part of M/s. Amrapali Leisure Valley Pvt. Ltd., land of project is in Greater NOIDA, is held on the basis of the lease hold interest from the Greater NOIDA Industrial Authority, the realizable value shown to be is Rs. 917.29 crores (Rupees Nine Hundred Seventeen Crores Twenty Nine Lakhs). There is no bank loan but however, there appears to be some dues to the Greater NOIDA Authority on this particular property. The distress sale value is shown at Rs. 491 crores (Rupees Four Hundred Ninety One Crores). The property mentioned at serial number 15 is a part of unlaunched property of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be submitted for consideration so that appropriate orders may be passed by this Court. Let the Committee constituted by us also to supervise the swapping part. 11. Eight weeks' time is granted to the buyers for the purpose of applying for swapping and decision shall be taken within 15 days from the date of application for the purpose of swapping is filed before the promoters. In case there is any difficulty in swapping, the Committee is authorized to take care of the grievances and to guide the promoters as well as the buyers. 12. As there are certain dues of NOIDA and Greater NOIDA Authorities and that of the secured creditors and operational/unsecured creditors, let the proposal be submitted by the promoters in this regard, on or before 07.07.2018. We also place on record that approximately a sum of Rs. 4,300-4,900/- crores will be required for completion of the various projects as pointed out by promoters. 13. There are certain 'C' category projects. With respect to those projects also, as they are not taken care of during swapping or there may be certain buyers not willing for swapping or certain amount may be required to be refunded to the buyers, who are not inten ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
