Six years of IBC - impact on Real Estate sector

Six years of IBC 2016 www.infralive.com 34 InfraLIVE January 15, 2023 these units will be handed over to the homebuyers in the next two or threemonths. As per the revised schedule, NBCC is likely to complete con- struction of remaining projects with 32,000 flats by March 2024, provided the funds continue to be made available to them. Since the company is currently running late by 6-8 months to their revised schedule, it is likely that remaining projects may be completed by the end of 2024 if the funds are made available timely. However, there is uncertainty regarding availability of funds. Court Receiver expressed his disappointment On December 2, 2022, the court receiver told the Supreme Court that he was facing resistance from Noida and Greater Noida Authori- ties in generating funds for the stalled projects and, if the situation remains so, the management of the company should be handed over to the UP government. Counsel for homebuyers submitted that the NBCC has completed construction of around 3,000 flats but no electricity and water connections have been provided by the Noida andGreaterNoida authorities. There is no doubt that thousands of homebuyers of Amrapali Group have benefited from the close monitoring and directions of the Supreme Court in 122 hearings held since October 2017 till November 2022. Under their directions, NBCC has completed nearly one-fourth flats of stalled/ incomplete projects of Amrapali Group till date and handed over possession tomany. UnitechGroup All cases related to Unitech Group is being monitored by another bench of the Supreme Court in Civil Appeal No.10856 of 2016. Initially, neither any banks/ f i n a n c i a l i n s t i t u t i o n s n o r homebuyers/ allottees filed any petition in NCLT for triggering CIRP against Unitech Ltd under IBC. In December 2017, the Govern- ment of India (GOI) had filed a petition before the Principal Bench of NCLT under section 241 of the Companies Act, 2013, which allows the government to apply to the tribunal if it feels that a company is cancelled the registration of 43 real estate projects located inNoida and Greater Noida in September 2019. The Disciplinary Committee of ICAI also found the Statutory Auditor Anil Mittal guilty in their enquiry and removed him from the Membership of the Institute permanently in October 2022 and imposed a fine of Rs 5 lakhs onhim. In terms of the above direction, the Receiver has been coordinating with various authorities including banks towards processing, study- ing, and completion of the task givenunto theReceiver. On September 23, 2022, Court Re c e i v e r R Venka t a r aman i , informed the Supreme Court that around 11,800 flats across various housing projects of Amrapali Group will be delivered to the harassed homebuyers within two to three months. NBCC has com- pleted around 5,400 flats and should be delivered by October 2022 itself. He stated that they were facing some issues in provid- ing electricity and water connec- tions to the remaining 6,430 completed flats and once the connections are provided and they receive completion certificates,