The Amrapali Group had earlier submitted a comprehensive proposal on how it planned to deliver 42,000 flats to its buyers in various projects.
Earlier, the Group, facing insolvency proceedings initiated by the creditor bank for not repaying the loans, had told the court that it was not in a position to complete the projects and hand over possession of flats to over 42,000 home-buyers in a time-bound manner, and the properties were needed to be developed with the help of co-developers.
The Amrapali Group has liabilities of about Rs 3,000 crore towards authorities and owes over Rs 1,000 crore to about 10 banks, and it needs about Rs 3,000 crore to complete its ongoing projects.
The apex court has been hearing a batch of pleas filed by home buyers who have sought quashing of the National Company Law Tribunal (NCLT) order admitting insolvency proceedings against Amrapali Group.
Buyers belong to the low and middle-income groups and must be granted equal protection as other stakeholders -- financial and operational creditors, the home buyers' plea had said.