ValkyaEditorial

Tagged “fema”

1 article on fema.

Landmark JudgmentSupreme Court of India

Bikram Chatterji v. Union of India: the Amrapali judgment and the court-supervised completion architecture

On 23 July 2019 a two-judge bench of Arun Mishra and U.U. Lalit, JJ. delivered the 270-page Amrapali judgment in exercise of plenary writ jurisdiction under Article 32 of the Constitution. Acting on the findings of a court-ordered Forensic Audit Report, the Court cancelled the Amrapali Group's RERA registration, cancelled the Noida and Greater Noida lease deeds, appointed NBCC (India) Ltd at an 8% commission to complete the stalled projects, appointed Senior Advocate R. Venkataramani as Court Receiver, directed the Enforcement Directorate to investigate offences under FEMA and PMLA, and ordered ICAI disciplinary action against the statutory auditor. Dues recoverable from the authorities and banks were ringfenced to attached promoter assets and were held not to be a charge on the homebuyers or the projects.

Valkya Editorial··15 min