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 Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Real Estate

17 Dec 2025

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

Real Estate

17 Dec 2025

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..