Lawstreet Journal

Amrapali Projects | Supreme Court Directs Banks To Release Rs 1500 Crore By March 29 For Construction Of Stalled Projects

Lawstreet Journal 30 Mar 2022 5:19am

Image courtesy: Lawstreet Journal Judiciary Amrapali Projects | Supreme Court Directs Banks To Release Rs 1500 Crore By March 29 For Construction Of Stalled Projects

The Supreme Court on Monday directed the Bank of Baroda-led consortium of seven banks to effectuate disbursal of â‚¹ 1,500 crore by Tuesday (29th March) for the construction of stalled real estate projects of Amrapali Group.

A bench of Justices UU Lalit and Bela M Trivedi noted that six banks -- Bank of Baroda, State Bank of India, Bank of India, Punjab National Bank, Punjab and Sindh Bank and UCO bank -- have granted in-principle approval for disbursal of funds, while Indian Bank is expected to do so very soon.

"We, therefore, direct all the banks of the consortium to effectuate funds disbursal by tomorrow, so that NBCC can put the amount in use by March 31," the Bench stated.

The National Buildings Construction Corporation (NBCC) has been entrusted by the Supreme Court with completing stalled projects of Amrapali Group.

The Supreme Court also retained a direction in its earlier order of August 13, 2021 on the plea of the Reserve Bank of India regarding a blanket ban on declaration of Non-Performing Assets (NPA) accounts and said that it does not want any roadblock in the funding of stalled projects by the banks.

The bench said it would consult RBI, if required, whenever any matter comes before it.

Advocate ML Lahoty, appearing for a group of Amrapali home buyers, said that former director of the group Prem Mishra had sold flats, plots and villas even during the pendency of the matter before the Supreme Court at the time when an injunction… Continue Reading...

Tagged: Amrapali group  
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