PSU banks consortium to pump Rs 1,000 cr for Amrapali projects
Real Estate

PSU banks consortium to pump Rs 1,000 cr for Amrapali projects

The Supreme Court has been notified that a consortium of six public sector banks in relief to thousands of Amrapali homebuyers have agreed to infuse around Rs 1,000 crore in the delayed projects to guarantee their speedy completion.

On the occasion of Diwali, 150 flats developed by the National Buildings Construction Corporation (NBCC) in a delayed project of Amrapali were provided to the homebuyers in a small function arranged with the help of the court receiver.

A bench of Justices Ajay Rastogi and UU Lalit was informed court-appointed receiver senior advocate R Venkataramani that the consortium of six PSU banks, which cover UCO Bank, Bank of India and Bank of Baroda, among others have agreed in principle to infuse funds to the tune of about Rs 1,000 crore and paperwork is likely to be done by end of the month.

The bench asked Venkataramani to guarantee that the process is facilitated and money begins coming in the first week of December so that delayed work can be started expeditiously.

The court receiver further said that the valuation work of five personal villas of former Amrapali directors, which have been attached on court orders, is made, and five parties have displayed interest in acquiring them at a cost that is over the valuation price.

The bench ordered that all these villas shall be auctioned by the public sector undertaking MSTC Ltd, which has been included in auctioning of Amrapali properties earlier as well. Advocate ML Lahoty, appearing for the homebuyers, said that the court must deal with their application seeking recovery of money from the defaulters according to the 2019 judgement of the court.

The bench said that it would try to listen to the Amrapali matter every Saturday and dispose of these applications. Meanwhile, the court additionally reserved its order on the application listed by Noida seeking recall of the June 10, 2020 order by which the court has reduced the interest charged by the authority from the year 2010 onwards from the builders, who have been allocated land by the authority.

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The Supreme Court has been notified that a consortium of six public sector banks in relief to thousands of Amrapali homebuyers have agreed to infuse around Rs 1,000 crore in the delayed projects to guarantee their speedy completion. On the occasion of Diwali, 150 flats developed by the National Buildings Construction Corporation (NBCC) in a delayed project of Amrapali were provided to the homebuyers in a small function arranged with the help of the court receiver. A bench of Justices Ajay Rastogi and UU Lalit was informed court-appointed receiver senior advocate R Venkataramani that the consortium of six PSU banks, which cover UCO Bank, Bank of India and Bank of Baroda, among others have agreed in principle to infuse funds to the tune of about Rs 1,000 crore and paperwork is likely to be done by end of the month. The bench asked Venkataramani to guarantee that the process is facilitated and money begins coming in the first week of December so that delayed work can be started expeditiously. The court receiver further said that the valuation work of five personal villas of former Amrapali directors, which have been attached on court orders, is made, and five parties have displayed interest in acquiring them at a cost that is over the valuation price. The bench ordered that all these villas shall be auctioned by the public sector undertaking MSTC Ltd, which has been included in auctioning of Amrapali properties earlier as well. Advocate ML Lahoty, appearing for the homebuyers, said that the court must deal with their application seeking recovery of money from the defaulters according to the 2019 judgement of the court. The bench said that it would try to listen to the Amrapali matter every Saturday and dispose of these applications. Meanwhile, the court additionally reserved its order on the application listed by Noida seeking recall of the June 10, 2020 order by which the court has reduced the interest charged by the authority from the year 2010 onwards from the builders, who have been allocated land by the authority. Image Source

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