Breaking News Supreme Court rejects bail plea of former Amrapali Director...

Supreme Court rejects bail plea of former Amrapali Director Shiv Priya, asks trial court to decide his regular bail within a month

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New Delhi, Oct 20 (ILNS) The Supreme Court today rejected the bail application of former Amrapali Director Shiv Priya but asked the trial court to decide his regular bail plea within a month.

The Division Bench of Justice A. M. Khanwilkar and Justice C. T. Ravikumar refused to grant bail to Shiv Priya who has been in jail for more than two years for cheating thousands of homebuyers.

Former Amrapali director Shiv Priya had sought bail citing ill health.

During the period 2010-2014 the Amrapali Group proposed to construct around 42,000 residential flats, in the Noida and Greater Noida area. The Group took advances from buyers and an allotment-cum-flat buyer agreement was executed. The Group had promised to complete the construction and hand over the possession of the apartments, within a period of 36 months but they failed to give possession even after a period of more than 10 years.

The Enforcement Directorate on September 13 told the Top Court that it has attached properties worth Rs 4.79 crore of a former director of Amrapali Group and is probing his transactions of diversion of home buyers money made through shell companies.

The Supreme Court on August 13 gave 15 days’ notice to 9,538 Amrapali homebuyers to fill their details on the court receiver’s website and start making payments, failing which the court receiver would be at liberty to cancel their allotment and include their units as part of the unsold inventory. However, the issue of 6,210 homebuyers who have taken the benefit of the subvention scheme facility and are finding it difficult, will be addressed separately.

On July 23, 2019, the top court had held that no accounts were prepared from the years 2015-2018 and money withdrawn was diverted during the said period therefore the Court cancelled the registration of the Amrapali Group under the Real Estate (Regulation and Development) Act, 2016, and ousted it from its prime properties in NCR by nixing land leases for breaching buyers’ trust./ILNS/SS/SNG/

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