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5200 flats in Amrapali projects either bogus or unsold: SC-appointed auditors
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India, Feb. 12 -- There are 5,200 flats in various Amrapali projects which are either bogus or unsold, court-appointed forensic auditors on Monday told the Supreme Court, which also grilled multinational firm, JP Morgan, for investing Rs 85 crore in the real-estate company in 2010.
A bench led by justice Arun Misra was also displeased to know that Amrapali's two properties could not be auctioned by the Debt Recovery Tribunal (DRT) because banks are not coming forward to finance buyers who have shown interest to purchase the said properties. As per an earlier SC order, DRT had to auction the properties by January 31.
The top court is seized of a batch of petitions filed by homebuyers who are seeking possession of around 42,000 flats book...
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