Amrapali real estate case: Supreme Court asks Mahagun to deposit Rs 240 crores

New Delhi: The Supreme Court on Monday asked Mahagun builders to deposit Rs 240 crores before it to consider bona fide on the resumption of construction at a plot of land which was earlier given to it by beleaguered real estate company Amrapali.

If Mahagun builders failed to deposit than the land would be actioned by the Noida authority. A bench of the apex court, headed by Justice Ashok Bhushan, ordered that the land would be auctioned by Noida authority if Mahagun fails to deposit the said amount before it.

Earlier, the top court had directed the Chairman and Managing Directors (CMD) of all banks concerned to personally look into the disbursement of the loan amount of Amrapali real estate home buyers in Noida and Greater Noida and for the restructuring of financial plans, including the subvention buyers and to submit a report to the receiver.

The apex court was hearing a batch of petitons filed by several homebuyer seeking appropriate directions and orders to the real estate company, Amrapali, to handover their flats and or returned their money, if the same is not given.