Supreme Court asks Mahagun Builders to deposit Rs.240 Crore with SC Registry

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On Monday, the Top Court 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 SC, 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 Supreme Court had directed the Chairman & 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 & Greater Noida & for the restructuring of financial plans, including the subvention buyers & to submit a report to the receiver.

The Top Court was hearing a batch of pleas filed by several homebuyers seeking appropriate directions & orders to the real estate company, Amrapali, to handover their flats & or returned their money, if the same is not given.

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