Amrapali projects: Bank consortium informs SC of Rs 300 crore infusion for completion of stalled Amrapali projects

In a bid to boost the construction of stalled projects of Amrapali, the Supreme Court was informed on Monday that Bank of Baroda which is leading the 6-bank consortium has made an investment of Rs 300 crore. A bench of Justices UU Lalit and Bela M Trivedi directed the other banks of the consortium to release the balance amount of Rs 1,200 crore before March 14, the next date of hearing.

Initially, the bench was informed by senior advocate N Venkataramani, who was appointed as court receiver, that Bank of Baroda has invested Rs 300 crore, while the other five banks of the consortium are in the process of releasing the funds. .

The counsel appearing for the consortium said that the banks are in the final stages of releasing the funds and assured that they will get the approval soon.

Senior advocate Siddharth Dave, appearing for National Building Construction Corporation (NBCC), said they are conducting structural audit of under-construction projects of Amrapali through two agencies VNIT Nagpur and NIT Jalandhar.

He said the company needs to operate without interference from home buyers and their consortium, as it would delay the execution of the stalled project.

The bench concurred with the submission and said that home buyers should not create any trouble.

On February 21, NBCC assured the top court that the construction of stalled projects of Amrapali Group would be of good quality and that independent experts would assess the safety and quality parameters.

The assurance was given to the court by NBCC after some Amrapali home buyers expressed their concern in the wake of poor quality work in a housing project in Gurugram, where residents have been asked to vacate the building.

The home buyers, through advocate ML Lahoti, sought court’s intervention in ensuring quality control of works done by NBCC in Amrapali projects.

Dave had said that the company is committed to maintain the quality of the work done by it and the controversy over the Gurugram project should not be linked to the Amrapali projects.

NBCC had earlier told the top court that despite the COVID-19 pandemic, it is making all efforts to successfully complete various projects of Amrapali Group located in Noida and Greater Noida.

It had said that at present, 10 projects in Noida and 12 in Greater Noida are under execution, comprising 45,957 units with a sanctioned project cost of Rs 8,025.78 crore.

The apex court, in its July 23, 2019 judgment, had cracked the whip on builders at fault for breach of trust reposed by home buyers and ordered cancellation of the registration of Amrapali Group under real estate law RERA , and had taken it out of prime properties. By abolishing NCR land leases.

The former group directors of Amrapali- Anil Kumar Sharma, Shiv Priya and Ajay Kumar are in jail on the orders of the apex court.

The court had directed the Enforcement Directorate to probe alleged money laundering by realtors, giving relief to over 42,000 home buyers of Amrapali Group from the verdict.

The top court, which is trying to bring in funds for stalled projects, had then directed state-run NBCC to complete the stalled projects of Amrapali Group.

Zeen is a next generation WordPress theme. It’s powerful, beautifully designed and comes with everything you need to engage your visitors and increase conversions.

Subscribe to our newsletters
If you have any questions or comments, please don't hesitate to contact us.