Lawstreet Journal

Consider Infusing Rs.500 Cr. In Amrapali Projects: Supreme Court To Government

Lawstreet Journal 25 May 2020 8:44pm

Image courtesy: Lawstreet Journal Judiciary Consider Infusing Rs.500 Cr. In Amrapali Projects: Supreme Court To Government

The Apex Court of India on 22nd May 2020, asked the Centre to consider imparting Rs. 500 crores as a loan to fuel the stalled housing projects of Amrapali Group and also requested a waiver on the imposed GST to the tune of Rs.1000 crores.

A bench of two judges comprising of Justice Arun Mishra and U.U. Lalit asked KM Nataraj the Additional Solicitor General of India, who was representing the Centre to informing the government to issue Rs.500 crore as a loan immediately, as there was no private player involved and the whole project is managed by NBCC. The Supreme Court also asked the Centre to consider waving off GST in the said matter.

Senior Advocate R. Venkatramani, a receiver appointed by the Supreme Court for the execution of the Amrapali Group housing projects, pleaded before the Top court to direct RBI into advising all banks and financial establishments which have given home loans to domestic customers to disburse all balance loan amounts to the home buyers whose accounts are regular.

 The note submitted by the receiver in the Supreme Court read - "If the GST on construction (which is 12 percent) is waived/exempted by the GST Authorities of the Government of Uttar Pradesh and the Government of India, there may be saving of around Rs 1,000 crore approx. In such a view, the GST Authorities of Government of Uttar Pradesh and the Government of India are directed to waive/exempt GST on the construction of the Amrapali projects. Consequential orders should be… Continue Reading...

Tagged: Amrapali group  
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