The top court also cancelled the registration of the Amrapali group.
A bench of Justices Arun Mishra and U Lalit also cancelled the leases of Amrapali’s properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate alleged money laundering by CMD Anil Sharma and other directors and senior officials of the group.
The bench appointed senior advocate R Venkataramani as the court receiver.
The bench, which cancelled the group’s registration under the Real Estate Regulatory Authority, said the home buyers’ money was diverted in violation of the Foreign Exchange Management Act (FEMA) and foreign direct investment (FDI) norms.
The court added that the Noida and Greater Noida authorities falied in checking the violations made by Amrapali group.
In a relief to over 42,000 hassled home buyers, the court also directed Noida and Greater Noida to give completion certificates to flat buyers already residing in various projects of the group.
It further asked the Centre and the state governments to take appropriate action against the builders who have not delivered the group projects on time.