Flat buyers of Amrapali Dream Valley Housing Project in Greater Noida West (Noida Extension) have demanded to secure the interest of flat buyers in the pending bankruptcy process in the NCLT. On Friday, the court issued a notice to the builders of Amrapali in addition to the Center and Uttar Pradesh government on the petition of flat buyers. The order, headed by Chief Justice Deepak Mishra, released the hearing on behalf of 64 buyers after hearing the petition. Earlier, the petitioners’ lawyer ML Lahoti said that Bank of Baroda has initiated a bankruptcy process in the National Company Law Tribunal (NCLT) against the Amrapali Company. He said that flat buyers have not been considered as a safe creditor in Bankruptcy Law. In such a way, the interests of flat buyers should be protected.
He said that Amrapali’s Dream Valley project, built in Greater Noida West, has 10000 flats and 48 towers. Buyers booked their flats in this project in 2011 and according to the agreement, they should have got flats till 2014, but they did not get the flat. Now the bankruptcy process has started against the company. In such cases, the interest of the buyers should be protected, as in other cases. Lahoti said that the court has issued notice to another scheme of Amrapali itself. After hearing the arguments, the court has issued notices to the parties opposing the petition in reply to the Central Government, Ultra Home Construction Pvt Ltd, Amrapali Dream Valley Pvt Ltd, and Interim Resolutions Professional (IRP) etc.