TaxTMI 
TaxTMI 
2018 (5) TMI 2023
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.....Adv., Mr. Abhishek Kauhik,Adv., , 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. Aniru....
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....Singh Anand,Adv., Mr. Anand Daga,Adv., 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. Th....
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....of which have already been handed over to buyers and some work remains in three other 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 foll....
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....lf Homes : Golf Homes consists of 4210 units. The work shall be completed within the period of 6 months to 22 months and possession shall be handed 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....
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....y towards the buyer shall remain with the promoter. 5. At this stage, we deem it appropriate to direct that an escrow account has to be opened. The said account has to be opened in the UCO Bank, Supreme 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 Autho....
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.... units may also be permitted to be sold. In this regard, a proposal would be submitted as and when swapping process is completed and the details of property to be sold and amount of offer by the prospective buyers, be indicated by this Court. The proposal will 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. The....