AMRAPALI GROUP

nbcc-settles-the-succession-issue-sharma-to-head-amrapali-projects-

NBCC settles the succession issue: Sharma to head Amrapali Projects?

The NBCC top management responded to the pressure groups deftly and announced that A K Sharma (CGM, Engineering) will take charge from Aggarwal on his retirement on 30 November 2020. 

Yet the order does not mention whether Sharma will be heading the Amrapali projects. Yet a section of the insiders believes that the order clearly states Aggarwal will hand over the charge to Sharma which is a clear indication of management's intent. Amid differing views, there appearss a unanimity in the opinions that the continuity in the Amrapali flats construction is not going to be disrupted or broken and they may be delivered to buyers within the timeline promised by the NBCC.

According to the orders issued, Sharma will continue to look after Office Block East Kidwai Nagar (EKN) and works of Archaeological Survey of India including Jalianwala Bagh Maintenance works. Further, Sharma would report to Director (Commercial) Rajendra Chaudhary.

The extension/reappointment issue of Aggarwal had assumed significance primarily due to the SC’s decision on the Amrapali project where the interest of thousands of homebuyers is at stake. In addition to complying with RERA provisions, the completion of Amrapali's stalled projects may restore the badly-shaken faith of homebuyers in the government, NBCC, and the real-estate sector in general.

It may be underlined that the NBCC has guaranteed that 44,000 stalled Amrapali flats will be completed and delivered between January 2021 and 2023.

ALSO READ:

NBCC: Amrapali Project head may get extension post-retirement

NBCC caught in a quagmire: SC, Amrapali, and a curious extension case of ED


29 Oct 2020
nbcc-caught-in-a-quagmire-sc-amrapali-and-a-curious-extension-case-of-ed

NBCC caught in a quagmire: SC, Amrapali and a curious extension case of ED

NBCC India Limited, a state-owned construction giant, is a house divided on the issue of extending the services of its Executive Director (Engineering) R K Aggarwal beyond his scheduled retirement on 30 November 2020.  

While a section of the top management team favors the idea of Aggarwal's extension on the plea that such a move may help uninterrupted and expeditious implementation of the Supreme Court direction on completing the 44,000 stalled flats under Amrapali housing projects where a huge amount of investors' money is locked, a large number of officers are opposed to the idea and they have made their angst and reservation known to the management in a letter from their union. 

Officers have argued that the SC has in no way mandated the continuation of services of Aggarwal even after retirement, that its direction was limited to entrusting the NBCC with the task to complete the pending and stalled projects and so, the NBCC was free to appoint a successor to Aggarwal on retirement by sticking to the due process of selection and by notifying the SC about its succession plan.

 It is pointed out that the policy of extension or reappointment is bad in principle and worst in execution. It's bad in principle because it is based on the premise that the person being given extension or reappointment is irreplaceable. In real life, this is an untenable proposition. The execution of this fallacious principle leads to favoritism and denial of the well-deserved opportunities to competent persons down the hierarchical ladder. It also degrades work culture and demoralization.

NBCC officers say the extant government guidelines on the extension/reappointment issue are crystal clear and don't support this pernicious practice except in critical and exigent situations.

Yet Aggarwal's extension/reappointment is being pushed by influence peddlers for the last couple of months as reported in this section on September 07, 2020. 

In any case; SC judgment and NBCC's involvement has sparked off rays of hope for poor Amrapali homebuyers and that should achieve its goal.  

(By Rakesh Ranjan)

26 Oct 2020
nbcc-settles-the-succession-issue-sharma-to-head-amrapali-projects-

NBCC settles the succession issue: Sharma to head Amrapali Projects?

By Rakesh Ranjan 29 Oct 2020

The NBCC top management responded to the pressure groups deftly and announced that A K Sharma (CGM, Engineering) will take charge from Aggarwal on his retirement on 30 November 2020. 

Yet the order does not mention whether Sharma will be heading the Amrapali projects. Yet a section of the insiders believes that the order clearly states Aggarwal will hand over the charge to Sharma which is a clear indication of management's intent. Amid differing views, there appearss a unanimity in the opinions that the continuity in the Amrapali flats construction is not going to be disrupted or broken and they may be delivered to buyers within the timeline promised by the NBCC.

According to the orders issued, Sharma will continue to look after Office Block East Kidwai Nagar (EKN) and works of Archaeological Survey of India including Jalianwala Bagh Maintenance works. Further, Sharma would report to Director (Commercial) Rajendra Chaudhary.

The extension/reappointment issue of Aggarwal had assumed significance primarily due to the SC’s decision on the Amrapali project where the interest of thousands of homebuyers is at stake. In addition to complying with RERA provisions, the completion of Amrapali's stalled projects may restore the badly-shaken faith of homebuyers in the government, NBCC, and the real-estate sector in general.

It may be underlined that the NBCC has guaranteed that 44,000 stalled Amrapali flats will be completed and delivered between January 2021 and 2023.

ALSO READ:

NBCC: Amrapali Project head may get extension post-retirement

NBCC caught in a quagmire: SC, Amrapali, and a curious extension case of ED


nbcc-caught-in-a-quagmire-sc-amrapali-and-a-curious-extension-case-of-ed

NBCC caught in a quagmire: SC, Amrapali and a curious extension case of ED

By Rakesh Ranjan 26 Oct 2020

NBCC India Limited, a state-owned construction giant, is a house divided on the issue of extending the services of its Executive Director (Engineering) R K Aggarwal beyond his scheduled retirement on 30 November 2020.  

While a section of the top management team favors the idea of Aggarwal's extension on the plea that such a move may help uninterrupted and expeditious implementation of the Supreme Court direction on completing the 44,000 stalled flats under Amrapali housing projects where a huge amount of investors' money is locked, a large number of officers are opposed to the idea and they have made their angst and reservation known to the management in a letter from their union. 

Officers have argued that the SC has in no way mandated the continuation of services of Aggarwal even after retirement, that its direction was limited to entrusting the NBCC with the task to complete the pending and stalled projects and so, the NBCC was free to appoint a successor to Aggarwal on retirement by sticking to the due process of selection and by notifying the SC about its succession plan.

 It is pointed out that the policy of extension or reappointment is bad in principle and worst in execution. It's bad in principle because it is based on the premise that the person being given extension or reappointment is irreplaceable. In real life, this is an untenable proposition. The execution of this fallacious principle leads to favoritism and denial of the well-deserved opportunities to competent persons down the hierarchical ladder. It also degrades work culture and demoralization.

NBCC officers say the extant government guidelines on the extension/reappointment issue are crystal clear and don't support this pernicious practice except in critical and exigent situations.

Yet Aggarwal's extension/reappointment is being pushed by influence peddlers for the last couple of months as reported in this section on September 07, 2020. 

In any case; SC judgment and NBCC's involvement has sparked off rays of hope for poor Amrapali homebuyers and that should achieve its goal.  

(By Rakesh Ranjan)

nbcc-amrapali-project-head-may-get-extension-post-retirement

NBCC: Amrapali Project head may get extension post-retirement

By IndianMandarins 07 Sep 2020

Indianmandarins has reliably learned that RK Aggarwal (ED- Engineering, NBCC) may be given an extension beyond his retirement in November this year. Agrawal has been heading Amrapali Projects.  

The NBCC had previously guaranteed the completion and delivery of 44,000 stalled Amrapali flats, starting from January 2021 and with a targeted deadline of 2023.

Having floated tenders for several stalled (Amrapali) projects and having announced the timeline for completion of various projects NBCC has reportedly decided to write to the Ministry of Housing and Urban Affairs to keep him engaged (on-contract basis) beyond his retirement i.e. 30.11.2020.

He is presently RBG Head (EKN, NMB & AIIMS) at Redevelopment of East Kidwai Nagar Project, New Delhi.

It ay be underlined that the apex court in its 23 July 2019 verdict had cracked its whip on errant builders for breaching the trust reposed by home buyers and ordered the cancellation of the registration of the Amrapali Group under real estate law RERA, and ousted it from prime properties in the NCR by nixing the land leases.

further-relief-to-amrapali-homebuyers-sc-nbcc-in-action-even-during-lockdown

Further relief to Amrapali homebuyers: SC & NBCC in action even during lockdown

By IndianMandarins 14 Apr 2020

Supreme Court constituted a committee under the Chairmanship of Ld. Court Receiver, R Venkataramani, on 09.04.2020, gives go-ahead asking NBCC to call tenders for the execution of three more Amrapali Stalled Projects of Noida-Greater Noida namely; Leisure Park Phase I & II; Leisure Park- River View and Kingswood in Smart City comprising 4489 units in all valued at Rs. 1046 cars. 

Earlier on 18 March and 20 March the Court Receiver gave nod to NBCC for tendering and execution of 9 projects of Amrapali in Noida-Greater Noida assuring timely release of funds. These projects included 08 projects in Greater Noida namely; Leisure Valley Villas, Verona, Adarsh Awas Yojna, Golf Homes, Dream Valley Ph 1 Villas and Phase II; Enchante, Terrace Homes and Tropical Garden in Centurian and Project Crystal Homes in Silicon at Noida- all comprising 27223 housing units worth Rs. 5769 Cr.

NBCC has started the process of tendering for all these projects even during the lockdown period with tenders for 07 Projects namely; Golf Homes, Centurian Park, Leisure Valley Villas, Crystal Homes, Dream Valley Phase-1 (Villas), Dream Valley – Enchante and Leisure Valley- Adarsh Awas Yojana, already floated. Tenders for further projects are in the process of floating and will be invited shortly irrespective of lockdown.  

This apart, execution work of 08 Stalled Amrapali Noida-Gr. Noida projects tendered and awarded earlier (7 at Noida and 1 at Greater Noida), comprising a total of 12169 Units and valuing Rs.634 crore, which has been started by the Company and scheduled to be completed in stages in another 12-24 months.

It may be underlined that Supreme Court, about a year ago, asked NBCC to execute two stalled projects, to begin with namely; Eden Park in Noida and Castle in Greater Noida comprising 618 Houses, which NBCC has already completed and handed over as well.

Thus action has been initiated for construction of a total of 44500 houses (including 618 houses already completed) out of about 46500 houses in Amrapali Project providing huge relief to stressed Homebuyers.

While expeditiously acting upon the issue of resolving the homebuyers’ crisis, the learned Court Receiver on behalf of Supreme Court, however, has also called upon the affected homebuyers to promptly deposit all their pending payments with the designated bank account provided by the SC for successful completion of the housing projects.

sc-appointed-committee-asks-nbcc-to-start-execution-of-nine-more-amrapali-projects

SC appointed committee asks NBCC to start execution of nine more Amrapali projects

By IndianMandarins 21 Mar 2020

Supreme Court constituted Committee under Chairmanship of R Venkataramani, Ld. Court Receiver, gives go ahead to NBCC asking it to immediately the start process of execution of nine more Amrapali Noida-Greater Noida stalled projects. Viz-a-viz this decision, the committee also assured timely release of funds required to complete the projects.

The projects, one located at Noida and the rest at Greater Noida, are valued at Rs. 5769 crore and comprises a total of 27223 housing units. Following this directive, NBCC has initiated the process of tendering.

It may be mentioned that SC, about a year ago, asked NBCC to start execution of two stalled projects to begin with, namely- Eden Park (Noida) and Castle (Greater Noida), comprising 618 Units which the company has already completed and handed over.

Apart from this, NBCC is presently executing further 8 projects- 7 at Noida and 1 at Greater Noida having a total of 12169 Units and valued at Rs. 634 crore. Thus, out of 45000 houses in these stalled projects of Amrapali Group, the process of completion of about 40000 housing units has began under the supervision of Learned Court Receiver which would be a great relief to stressed Homebuyers.

While expeditiously acting upon the issue of resolving the homebuyers’ crisis, the learned Court Receiver, on behalf of Supreme Court, has also called upon the affected homebuyers to promptly deposit all their pending payments with the designated bank account provided by the Court for successful completion of the housing projects.

amrapali-verdict-pleases-home-buyers

Amrapali verdict pleases home buyers

By IndianMandarins 24 Jul 2019

Thousands of homebuyers, including the Editor-in-chief of this website, are highly pleased with the no-compromise attitude of the judiciary, PM Narendra Modi, and UP CM Yogi Adityanath against the powerful builders' lobby in Delhi and Lucknow. Many happily point out that what has happened to Amrapali Group now couldn't have happened during the SP or BSP regimes that were seen the hand in glove with builders.


Thousands of home buyers heaved a sigh of relief on Tuesday when a Supreme Court bench canceled the registration of the Amrapali group and assigned to public sector National Buildings Construction Corporation (NBCC) the task to complete all the Group's pending projects. For the first time in years, buyers were hopeful that their investment might be recovered now.


The court canceled the group's registration under the Real Estate Regulatory Authority Act. It reasoned that the home buyers' money was diverted in violation of the Foreign Exchange Management Act (FEMA) and foreign direct investment (FDI) norms.


On Tuesday, the bench of Justices Arun Mishra and U U Lalit also canceled the leases of Amrapali's properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate into the cases of alleged money laundering by CMD Anil Sharma and other directors and senior officials of the group.


It appointed senior advocate R Venkataramani as the court receiver and vested into him all rights of Amrapali properties following the lease cancellation.


The apex court also authorized Venkataramani to enter into any tri-party agreement for sale of the group's properties to recover dues.


The court observed that the Noida and Greater Noida authorities colluded with the realty group in allowing diversion of the home buyers' money and not acting in accordance with the law.

It stressed that Noida and Greater Noida have no right to sell the properties of the Amrapali group to recover their dues.


Relieving over 42,000 home buyers of their anxiety and worries, the court directed Noida and Greater Noida to give completion certificates to flat buyers already residing in various projects of the group.


It also directed the Centre and the state governments to take appropriate action against the builders who have not delivered the group projects on time.

terming-it-a-dirty-game-sc-freezes-bank-account-of-amrapali-directors

Terming it a Dirty Game SC freezes bank account of Amrapali directors

By IndianMandarins 01 Aug 2018

The real estate sector is facing judicial scrutiny and all Jaypee group projects have been handed over to NBCC. In a fresh order, Supreme Court bench comprising Justice Arun Mishra and justice U U Lalit ordered freezing of bank account of all directors of forty companies of Amrapali group. The court issued this order as it found diversion of hard-earned money of home-buyers and failure of the company in complying with court’s order.

 

The SC bench not only freezed the bank accounts of all directors, it directed the attachment of personal property of all the directors. SC has also directed Amarpali group to give names of all Chartered Accountant, who are handling the account of 40 companies of Amrapali group.

The apex court has summoned top officials of Govt of India to personally appear before it and ensure steps to complete Amrapali's project. The SC bench may pass order to take over of projects of Amrapali by government PSU as happened in the case of Jaypee group to ensure safety of home buyers.

nbcc-to-take-up-stranded-projects-of-jaypee,-amrapali

NBCC to take up stranded projects of Jaypee, Amrapali

By IndianMandarins 29 Jul 2018

The home buyers in Delhi NCR region will get some breathing space after several years of frustration and legal battle. There is a possibility that a solution may be in sight for thousands of home buyers in Jaypee Infratech and Amrapali projects in Noida. According to an estimate, the total cost of completing both the projects shall be around Rs 15,000 crore. ENDS

The NBCC (India) is likely to take up the projects to ensure their completion, and hand them over to their bona fide owners. Reportedly, NBCC will act as a Project Management Consultant (PMC) to the projects and ensure their completion by engaging third-party construction companies. 

As a precaution, NBCC has sought full control of the finances through an escrow account though the charge of the company will remain with the current promoters, or with the Insolvency Resolution Professional (IRP). After the projects are completed, a call can be taken on dividing the surplus money lying with the escrow account.

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