 "Developers moving to commercial realty")
Three directors of Amrapali Builder had handed over their passports to Gautam Budh Nagar District Magistrate (DM), B N Singh and assured buyers that they won't flee abroad and will pay their debts.
One of the offices of Amrapali Builder is to be auctioned after failing to pay back their debts to Corporation Bank.
Three directors, Anil Kumar Sharma, Ajay Kumar and Shiv Priya submitted their passports and also an eight-page letter to the DM at his office.
The move comes after a lead financier, Bank of Baroda, approached National Company Law Tribunal (NCLT) for initiating proceedings for insolvency against the developer, for defaulting on loans.
The order remains reserved with NCLT.
The buyers claimed Amrapali Group has five unfinished housing projects in Noida, and a similar number of projects running behind schedule in Greater Noida, putting thousands of buyers in distress.
A group of home buyers are also on hunger strike at its corporate office demanding completion of Amrapali Dream Valley in Zone 4, Noida West.
The buyers claimed only around 30 percent of the project's work has been completed, while they have already paid in full.
The directors of Amrapali Group said they will continue to work to ensure all projects are completed and handed over to buyers, adding, they do not wish to go out of the country unless absolutely necessarily for company work or a family exigency.
B.N. Singh said he has accepted the letter and passports of the three directors.
