Consortium of 6 banks approves incomplete Amrapali projects funding

24 Mar 2022 CW Team

Six of the seven banks that are members of the consortium have sent in their final approvals, according to the Supreme Court-appointed court receiver R Venkataramani. Indian Bank has yet to provide the necessary documentation, including final approvals, he told the court.

State Bank and Punjab National Bank have also issued sanction orders for granting money for Amrapali projects, according to the Court receiver. Furthermore, Indian Bank has joined the consortium as a member, but has yet to issue a sanction order. Documents for the consortium have also been prepared.

The Bank of Baroda is the consortium's lead bank, leading a group of seven banks. Punjab National Bank, UCO Bank, Bank of India, State Bank of India, Indian Bank, and Punjab and Sindh Bank are among the other lenders who have formed a consortium to fund Amrapali Group's stalled projects.

The Reserve Bank of India questioned the consortium of banks' funding for the unfinished Amrapali projects at a hearing on March 21, claiming that it violated RBI guidelines.

The RBI's Counsel applied with the Court, requesting that the earlier order stating that the accounts of ASPIRE, the section 8 company formed to complete the Amrapali projects, could not be declared as NPA be modified, claiming that such blanket protection could cause problems for the general public who have deposited money in public sector banks.

The court ordered the RBI's top official and representatives from banks issuing loans to the Court Receiver to meet with him on March 23 at 6 pm to discuss RBI's concerns.

A court-appointed forensic auditor told the Supreme Court on March 14 that the Enforcement Directorate (ED) had attached the wrong properties of a former director of the Amrapali Group, classifying them as proceeds of crime.

Image Source

Also read: Royal Green Realty to infuse Rs 150 cr in affordable housing project

The Supreme Court was informed on March 21 that a consortium of six out of seven banks had sent in their final approval for funding for the completion of the Amrapali housing projects even as the Reserve Bank of India (RBI) raised objections to the bank funding arrangement. Six of the seven banks that are members of the consortium have sent in their final approvals, according to the Supreme Court-appointed court receiver R Venkataramani. Indian Bank has yet to provide the necessary documentation, including final approvals, he told the court. State Bank and Punjab National Bank have also issued sanction orders for granting money for Amrapali projects, according to the Court receiver. Furthermore, Indian Bank has joined the consortium as a member, but has yet to issue a sanction order. Documents for the consortium have also been prepared. The Bank of Baroda is the consortium's lead bank, leading a group of seven banks. Punjab National Bank, UCO Bank, Bank of India, State Bank of India, Indian Bank, and Punjab and Sindh Bank are among the other lenders who have formed a consortium to fund Amrapali Group's stalled projects. The Reserve Bank of India questioned the consortium of banks' funding for the unfinished Amrapali projects at a hearing on March 21, claiming that it violated RBI guidelines. The RBI's Counsel applied with the Court, requesting that the earlier order stating that the accounts of ASPIRE, the section 8 company formed to complete the Amrapali projects, could not be declared as NPA be modified, claiming that such blanket protection could cause problems for the general public who have deposited money in public sector banks. The court ordered the RBI's top official and representatives from banks issuing loans to the Court Receiver to meet with him on March 23 at 6 pm to discuss RBI's concerns. A court-appointed forensic auditor told the Supreme Court on March 14 that the Enforcement Directorate (ED) had attached the wrong properties of a former director of the Amrapali Group, classifying them as proceeds of crime. Image Source Also read: Royal Green Realty to infuse Rs 150 cr in affordable housing project

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Real Estate

17 Sep 2025

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Infrastructure Transport

17 Sep 2025

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..