aquire acres
Amraprali Group building

Amrapali Group: SBI Capital is said to give funds

Amrapali Group news: Court bench said it was the court that took on the task of completing projects that excluded any possibility of misuse of funds. The  Supreme Court order is expected to bring relief to 46,000 home buyers.

Amrapali Group project

New Delhi: As NBCC faces a cash crisis in completing construction of unfinished housing projects in Amrapali Group, the Supreme Court on Wednesday asked SBI Capital, which manages the real estate stress fund at the centre, to ease the rules and free up money for the project.

The bench said it was the court that took on the task of completing projects that excluded any possibility of misuse of funds. He said that the guidelines could be mitigated in the Amrapali case because the construction work was “sponsored and supervised by the court”.

The court’s instructions will provide relief to 46,000 home buyers who have invested in various Amrapali projects more than a decade ago. Most of them were not given the possession of the apartments as the projects were not completed due to the alleged transfer of funds by the real estate company and its managers.

Additional Attorney General Vikramajit Banerjee, who represented the centre, told court judges Arun Mishra and U U Lalit that Finance Ministry officials discussed the issue with SBI Capital and that the bank should make a decision on releasing the funds in accordance with the guidelines. However, the bank stressed that the guidelines do not need to strictly adhere to the Amrapali Group case as there was no private builder involved and the construction should be carried out by the state-owned NBCC (India) Limited. At the last date of the hearing, the court requested the Center to consider releasing Rs. 500 crore for the projects.

Banerjee said that banks can free up money because of homebuyers, as they were given the flexibility to restructure mortgage loans. Referring to the banks that declare mortgage loans as NPA, the Assistant Secretary-General said that the banks have the freedom to dispose of the funds because the NPA is not obligated.

The prominent lawyer, Harish Salve, who represented SBI Capital, assured the court that he would “do everything possible to convince” the bank to release the amount and asked the court not to agree to any order. Salve said he would take the instructions and notify the court of the next hearing on June 3.  “Money can be released in instalments,” the bench said. The estimated cost of building all Amrapali Group’s housing projects is Rs 8500 crore.

Article source: economictimes.indiatimes

image source: Business Today

Also Read: New Residential Project in Delhi | The Amaryllis Price, Photos, Floor Plans

Spread the love


  • Today, I went to the beachfront with my kids.
    I found a sea shell and gave it to my 4 year old daughter and
    said “You can hear the ocean if you put this to your ear.” She placed the shell to her
    ear and screamed. There was a hermit crab inside and it pinched her ear.
    She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!
    0mniartist asmr

  • Just want to say your article is as astonishing.
    The clarity on your publish is just spectacular and i can assume you’re an expert in this subject.
    Well together with your permission let me to seize your
    feed to stay updated with approaching post. Thank you one million and please carry on the rewarding work.

    asmr 0mniartist

  • Today, I went to the beach front with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.”
    She placed the shell to her ear and screamed. There was a
    hermit crab inside and it pinched her ear. She never wants to go back!
    LoL I know this is totally off topic but I had to
    tell someone! asmr 0mniartist

  • Hello to all, the contents present at this web site are genuinely remarkable for people
    knowledge, well, keep up the nice work fellows.
    asmr 0mniartist

  • I absolutely love your blog and find most of your post’s to be exactly I’m looking for.

    Do you offer guest writers to write content available for
    you? I wouldn’t mind creating a post or elaborating on a number of the subjects you write related to here.
    Again, awesome weblog! 0mniartist asmr

  • Pretty nice post. I just stumbled upon your blog and wanted to
    say that I’ve really enjoyed browsing your blog posts. In any case I’ll be
    subscribing to your rss feed and I hope you write again very soon! 0mniartist asmr

  • It is actually a great and useful piece of info.

    I am satisfied that you simply shared this
    useful information with us. Please keep us up to date like this.
    Thank you for sharing.

  • Wow! This blog looks just like my old one!

    It’s on a entirely different subject but it has pretty much
    the same layout and design. Great choice of colors!

  • Oh my goodness! Awesome article dude! Thank you so much, However I am encountering problems with your RSS.
    I don’t understand why I can’t join it. Is there anybody getting similar RSS problems?
    Anyone that knows the solution will you
    kindly respond? Thanx!!

  • I just like the helpful information you provide in your articles.
    I will bookmark your blog and take a look at again right
    here frequently. I’m relatively certain I will
    be informed many new stuff proper right here! Best of luck
    for the following!

  • you’re in reality a just right webmaster.
    The website loading velocity is incredible. It kind of feels that you’re
    doing any unique trick. Furthermore, The contents are masterwork.
    you’ve performed a magnificent task in this matter!

  • Undeniably consider that which you stated.
    Your favourite justification seemed to be at the
    net the simplest thing to be mindful of. I say to you, I definitely get annoyed whilst other folks think about issues that they just do not recognize about.
    You managed to hit the nail upon the top as neatly as defined out the whole thing without having side effect , people can take
    a signal. Will probably be back to get more. Thanks

  • scoliosis
    I have read so many articles regarding the blogger lovers however this
    article is actually a nice article, keep it up. scoliosis

  • scoliosis
    We are a group of volunteers and opening a new scheme in our community.
    Your site provided us with valuable info to work on. You’ve done
    an impressive job and our entire community
    will be thankful to you. scoliosis

  • Excellent beat ! I would like to apprentice whilst you
    amend your web site, how can i subscribe for a weblog website?

    The account aided me a acceptable deal. I were a little bit familiar of this your broadcast offered brilliant
    transparent idea

  • I blog often and I genuinely thank you for your information. This great article has truly peaked
    my interest. I am going to book mark your site and keep checking for new details about once per week.
    I opted in for your Feed too.

  • Hi! I just wanted to ask if you ever have any problems with hackers?

    My last blog (wordpress) was hacked and I ended up losing many
    months of hard work due to no back up. Do you have any methods to prevent hackers?

  • Greetings! I know this is kinda off topic but I was wondering which blog platform are
    you using for this website? I’m getting fed up of WordPress
    because I’ve had problems with hackers and I’m looking at options for
    another platform. I would be fantastic if you could point me in the direction of
    a good platform.

  • My partner and I stumbled over here different website and thought I might check things out.

    I like what I see so now i am following you. Look forward to going
    over your web page for a second time.

  • I don’t know if it’s just me or if everybody else experiencing problems with your site.
    It looks like some of the text within your posts are running off
    the screen. Can someone else please provide feedback and let me know
    if this is happening to them too? This may be a problem with my internet browser because I’ve had this happen before.
    Appreciate it

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.