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

09 Feb 2026

Eicher Delivers First 13.5 m Electric Intercity Sleeper Bus

Eicher Trucks & Buses, a business unit of VE Commercial Vehicles Ltd., has recently delivered its first 13.5 m electric intercity sleeper bus, marking a key milestone in India’s long-distance electric mobility segment. The first bus is being operated by LeafyBus, with plans to deploy 35 buses by March 2026 across high-demand intercity corridors in North India.The initial deployment will cover routes such as Delhi–Dehradun and Delhi–Lucknow, supporting LeafyBus’ expansion across environmentally sensitive and high-density travel corridors.Commenting on the partnership, Suresh Chettia..

Infrastructure Urban

09 Feb 2026

HCSS Showcases Unified Construction Platform at CONEXPO 2026

HCSS will recently present the next evolution of its connected construction management platform at CONEXPO-CON/AGG 2026, bringing together construction workflows, data and teams on a single platform across the entire project lifecycle. The event will be held from 3–7 March 2026 in Las Vegas, Nevada. HCSS will host two booths at the show, demonstrating how its integrated software ecosystem enables seamless collaboration between the office, field and shop, from bid stage through to project closeout. Steve McGough, President and CEO, HCSS, said, “For 40 years, we’ve done everything within..

Building Material

09 Feb 2026

Berger Paints Q3 Profit Declines Despite Volume Growth

Berger Paints India has reported a mixed performance for the quarter ended 31 December 2025, with healthy volume growth and margin improvement offset by softer demand conditions and cost pressures. On a consolidated basis, revenue from operations for the quarter stood at Rs 29,840 million, compared to Rs 29,751 million in the corresponding quarter last year, reflecting a marginal increase of 0.3 per cent. EBITDA (excluding other income) was Rs 4,710 million, slightly lower than Rs 4,717 million a year earlier. Net profit declined by 8.3 per cent to Rs 2,713 million from Rs 2,960 million. Sta..