Lawstreet Journal

CMDs of Banks asked by SC to Issue Directions for Disbursal and Restructuring of Loans in Amrapali Case [READ ORDER]

Lawstreet Journal 14 Jul 2020 6:42pm

Image courtesy: Lawstreet Journal Judiciary CMDs of Banks asked by SC to Issue Directions for Disbursal and Restructuring of Loans in Amrapali Case [READ ORDER]

On Friday 10 July 2020, the matter involving incomplete Amrapali Real Estate Project again came up for hearing before a Divison Bench of Justice Arun Mishra and Justice U U Lalit. Several aspects were discussed, and thereafter the following orders were passed by the bench: 

  1. Funding of project by SBI Capital: Senior advocate Harish Salve appeared for SBI Cap and informed the Court that most issues had been ironed out in consultation with the Court Receiver, seeking a few more weeks to submit a final plan after assuring that progress was promising. It was also notified to the Court that 8 projects had been identified and selected by SBI Cap. Justice Mishra decided to give a time of 3 weeks and asked Mr. Salve to come up with a crystallized final proposal. Senior advocate ML Lahoty, defending homebuyers, observed, however, that the 12 percent interest rate quoted by SBI Cap will be too heavy a strain on homebuyers. Thus, he suggested that the interest rate should be considered to be in line with the rate of RBI. As the Receiver also endorsed this point, the issue remains open; while SBI Cap is due to submit its final proposal on 4 August 2020.
  2. Payment of Dues to Noida/Greater Noida Authorities: The Court amended its previous decision concerning the interest rate which will relate to the leaseholders for the payment of the due amount. Senior advocate Mukul Rohatgi, appearing for the Greater Noida Authority, and Solicitor General Tushar Mehta, appearing for the Noida Authority, proposed that… Continue Reading...

    Tagged: Amrapali group  
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