107 Homebuyers Move SC Against Insolvency Petition Against Amrapali [Read Petition]

As many as 107 home buyers moved the Supreme Court on Wednesday challenging the order of the National Company Law Tribunal (NCLT) that admitted insolvency petition against Amrapali's Silicon City project in Noida and demanded protection on equal footing as other stakeholders in the project.Represented by advocate ML Lahoty, the petitioners sought "enforcement of their fundamental rights, more particularly, the rights flowing from Articles 14 and 21 of the Constitution of India inasmuch as these rights have been seriously abrogated by the provisions of the Insolvency and Bankruptcy Code, 2016 (Code), which completely takes away the constitutionally guaranteed equal protection/ treatment and the right to live with dignity and self- respect in the course of resolution process of an indebted builder, like Amrapali Silicon City Pvt. Ltd…".It said the homebuyers should not be subjected to liquidation proceedings.The petition says on February 17, 2011, M/s. Amrapali Centurion Park Pvt. Ltd, announced a residential project 'Amrapali Centurion Park' consisting over 5,000 flats in approximately 40 towers in a phased manner in the names of "Amrapali Centurion Park-Low Rise', 'Amrapali Centurion Park-Terrace Homes', and 'Amrapali Centurion Park-Tropical Garden'.Apart from 36-month delivery period, other world class facilities and amenities were promised by the builder.Believing the representations, thousands of unassuming buyers booked their apartments during 2010-14 by paying the booking amount running into several crores of rupees, but the possession was delayed much beyond the promised period of 30 months.Many buyers filed consumer complaint. In the meanwhile, the Bank of Baroda filed a petition before NCLT under Section 7 of the Code for triggering the Corporate Insolvency Resolution Process in the matter of Amrapali Silicon City Pvt. Ltd.On September 4, the NCLT admitted the same and issued a moratorium prohibiting any fresh proceedings or continuation of any proceedings against Amrapali Silicon City Pvt. Ltd.The petition comes close to similar petitions where home buyers had approached the Supreme Court against real estate giants like Unitech.Read the Petition Here

107 Homebuyers Move SC Against Insolvency Petition Against Amrapali [Read Petition]

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