#WeeklyNewsRoundUp: SC Allows 3 Builders To Help Amrapali Complete 12 Projects
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The Supreme Court on May 17 directed developer Amrapali to deposit Rs 250 crore by June 15 in an escrow account to ensure all pending projects are completed. It also accepted the timeline agreed upon between homebuyers and the embattled realty firm and permitted co-developers to complete all pending projects except Silicon City. The next date of hearing has been set for July 18. While Noida-based real estate company Galaxy Group will help Amrapali complete six projects, including Saphire-I & II, Leisure Park, Leisure Valley, Eden Park, Green Valley and Heartbeat City, Kanodia Cement will help it build Princely Estate project. IIFL-Viridian consortium, on the other hand, would help Amrapali complete five projects, including Zodiac, Platinum, Tech Park, Golf Homes and Centurian.
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The Supreme Court on May 16 held that the process to auction Sahara group's prime Aamby Valley property near Pune would continue, as the group has failed to deposit Rs 750 crore in a refund account. It was in August last year that the Bombay High Court had ordered that the property be auctioned for a reserve price of Rs 37,392 crore, following the Sahara Chief's inability to deposit Rs 5,000 crore.
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The Supreme Court on May 14 set up a three-member panel for auction of real estate major Unitech Ltd's unencumbered immovable properties of over 600 acre to refund homebuyers. Unitech has recently submitted to the apex court a list of its unencumbered land properties spread across Tamil Nadu, Telangana, Uttar Pradesh, and Karnataka.
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The group led by Lakshdeep Investments & Finance, which was the highest bidder for bankrupt developer Jaypee Infratech, is open to renegotiating its rejected offer. The consortium has now filed an intervening application in an ongoing case in the Supreme Court, seeking extension of the deadline on insolvency proceedings against the trouble-hit real estate company. Also, Supreme Court has stayed the liquidation process of Jaypee Infratech subject to Jaiprakash Associate (JAL) , its parent company, depositing Rs 1,000 crore by June 15 with the court's registry.
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The government is working on a new direct tax code that will be ready for July and will lower the corporate tax rate to 25 per cent and seek to give further relief to small tax payers.
Source: Media reports