The Supreme Court on Tuesday cancelled the registration of the embattled Amrapali group under the Real Estate Regulatory Authority and the lease of its properties granted by Noida and Greater Noida authorities.
A bench of Justices Arun Mishra and U U Lalit appointed the National Buildings Construction Corporation (NBCC) to complete all the pending projects of the Amrapali group.
The bench also appointed senior advocate R Venkataramani as the court receiver in whom the rights of all the Amrapali properties will be vested after the cancellation of lease.
The top court said Venkataramani will have the power to enter into any tri-party agreement for sale of the group's properties to recover the dues.
The bench said the home buyers' money was diverted in violation of the Foreign Exchange Management Act (FEMA) and the foreign direct investment (FDI) norms.
It directed the Enforcement Directorate to investigate the alleged money laundering by Amrapali CMD Anil Sharma and other directors and senior officials of the group.
The court added that Noida and Greater Noida colluded with the realty group in allowing diversion of the home buyers' money and not acting as per the law.
In a relief to home buyers, the court directed Noida and Greater Noida to handover a completion certificate to the flat buyers who are already residing in various projects of the group.