Lawstreet Journal

SC Directs SBICAP To Fund 6 Viable Stalled Projects Of Amrapali Group

Lawstreet Journal 1 Sep 2020 8:21pm

Image courtesy: Lawstreet Journal Judiciary SC Directs SBICAP To Fund 6 Viable Stalled Projects Of Amrapali Group

The Apex Court has asked SBICAP to initiate the funding for the six identified projects of the now de-functioned Amrapali Group as those six are the only viable ones as per the financial institution to be invested upon. The Supreme Court has also referred the case to the Centre stating that the respective case should be considered as a “special case” and lend out the remaining money for the construction of the other stalled projects from the Stressed Funds which is specifically created for Real Estate sector. 

The Bench comprising of Justice Arun Mishra and Justice U.U Lalit was informed by Harish Salve, the counsel of SBICAP that they have decided to fund only six identified projects of the now-defunct Amrapali Group. As per the Bench, “Salve made contentions that the funding should first start with six identified projects of Amrapali Group. However, there were certain suggestions made by the receiver where it was replied by Mr. Salve that in case any further directions are issued by the Centre with regard to the projects in question, the SBICAP ensures that they will adhere to those directions as a special case.” 

The Supreme Court has also directed Solicitor General Tushar Mehta, representing Centre to be in touch with the Ministry of Finance for taking suitable action as it is regarded as a special case by the Apex Court and the stressed funds are being used tenaciously and in an appropriate manner. The Bench posted its liberal thoughts about the rate of interest that… Continue Reading...

Tagged: Amrapali group  
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