ASPIRE

We have got the approval for the name “Amrapali Stalled Projects and Investments Reconstruction Establishment”(ASPIRE) from Registrar of Companies. Which is a special purpose vehicle for raising funds etc,a  Company under Section 8 of the Companies Act (Social and other nonprofit causes).

This information is for all the stakeholders especially the Banks and Funding Institutions.

The Hon’ble Supreme Court by its judgment dated 23.07.2019 issued several directions towards ensuring steps and measures for execution and completion of all pending project of Amrapali. Cases of Home Buyers awaiting execution of tripartite agreements and those awaiting completion of their projects  have been dealt with by the Court.

The directions issued by the Court relate to the steps to be taken by Central Government, State Government, Noida and Greater Noida Authorities, NBCC and various Banks.

The Hon’ble Supreme Court appointed Shri. R. Venkataramani, Senior Advocate, Supreme Court as Court Receiver, and the directions in this regard are follows:

            (ii) The various lease deeds granted in favour of Amrapali Group of Companies by Noida and Greater Noida Authorities for projects in question stand cancelled and rights henceforth, to vest in Court Receiver;

(x) We appoint Shri R. Venkataramani, learned Senior Advocate, as the Court Receiver. The right of the lessee shall vest in the Court Receiver and he shall execute through authorized person on his behalf, the tripartite agreement and do all other acts as may be necessary and also to ensure that title is passed on to home buyers and possession is handed over to them.

In terms of the above direction, the Receiver has been coordinating with various authorities towards processing, studying, and completion of the task given unto the Receiver.