The Supreme Court on Wednesday directed banks and financial institutions to restructure the loans given to Amrapali home buyers and release the remaining loan amount to them so that it can be used to complete the construction.<\/p>\n
A division Bench of the Supreme Court comprising of Justice Arun Mishra and Justice UU Lalit directed the Reserve Bank of India to permit banks to release sanctioned loans to home buyers, notwithstanding their account being non-performing asset (NPA).<\/p>\n
Regarding FAR, the sale of balance FAR through the Court Receiver has been allowed, and any increase in FAR, will be decided by the Authorities, namely Noida and Greater Noida.<\/p>\n
Justice Arun Mishra in the last hearing had stated that home buyers should not be under the impression that without paying they will enjoy benefits of the property.<\/p>\n
The bench has kept the next hearing of the case on Wednesday, June 17, for passing further directions with regard to additional suggestions received from court-appointed receiver and senior advocate R Venkatramani, who is helping with the execution of projects.<\/p>\n
Currently, the construction of stalled projects of Amrapali is being handled by National Buildings Construction Corporation (NBCC).<\/p>\n
In December last year, the Apex Court wanted to know from the Centre as to how much time it will take to decide on the application for financing Amrapali\u2019s stalled projects from the newly launched Rs 25,000 crore stress fund for the real estate sector.<\/p>\n
At the last hearing on June 3, SBICAP Ventures, which manages the government sponsored stress fund for the real estate sector, had told the Supreme Court that it was ready to fund the stalled projects of embattled real estate firm.<\/p>\n
The Court in its last hearing had directed a joint meeting to be convened between NBCC Receiver and SBICAP, also asking SBICAP to float a company, which will collaborate with NBCC and undertake construction work, funding being with SBICAP.<\/p>\n
The Court had also asked the UCO bank in Delhi to takeover some unsold inventory as security and deposit 2000 crore, and prepare a proposal within 7 days and place it before the court.<\/p>\n
The Supreme Court has been monitoring the execution and handover of the stalled Amrapali housing projects ever since an internal audit report, commissioned by the Court, found grave irregularities on part of Amrapali firms and its directors. The receiver was appointed to track the completion of the stalled projects and ensure that they are completely timely and handed over to the home buyers.<\/p>\n
Amrapali Group directors Anil Kumar Sharma, Shiv Priya, and Ajay Kumar are behind bars on the Supreme Court\u2019s order.<\/p>\n","protected":false},"excerpt":{"rendered":"
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