Lawstreet Journal

Amrapali Homebuyers Deposit over Rs. 266 Crores in Supreme Court

Lawstreet Journal 20 Nov 2020 12:33am

Image courtesy: Lawstreet Journal Business Amrapali Homebuyers Deposit over Rs. 266 Crores in Supreme Court

Senior Advocate R Venkataramani, who was appointed a receiver to manage the affairs of the group, appearing before a bench of Justice U U Lalit and Justice Ashok Bhushan, told that homebuyers have deposited over Rs 260 Crores in the last ten months as part of their dues. 

He said that this amount was paid by homebuyers themselves and an additional Rs. 5 crores have been deposited by banks and financial institutions on behalf as part of their home loan. 

With the Supreme Court's steps to finish construction of the pending housing projects of Amrapali group, the homebuyers, who had been left in the lurch, have started depositing the amount due on them in the court’s registry to ensure completion of the construction work. 

The receiver told the bench that he had not been able to get in touch with many homebuyers as they are not from the NCR region but assured by end of the year. “we have found 1,603 loan accounts of home-buyers in various banks and financial institutions and a number of Rs 1,238 crore could be raised if the banks and financial institutions release the release the remaining amount”, the receiver told the bench. 

On a proposal of the court on whether the RBI could intervene to provide funds for completion of the Amrapali projects, the bank regulator told the court that it was for individual banks to take a decision and it cannot force banks to provide funds for court-monitored projects. 

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Tagged: Amrapali group   Amrapali  
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