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SC instructs banks not to declare accounts of Amrapali flat buyers as NPA

SC instructs banks not to declare accounts of Amrapali flat buyers as NPA

To relieve more than thousands of Amrapali flat buyers who have reserved their apartments under the subsidy scheme, the Supreme Court on Monday ordered banks not to treat their accounts as “Non-Performing Assets Accounts” and no penalty will be charged for EMI’s failure to pay, the court said. The Supreme Court said the banks will be liable for the principal amount and interest there on in this case, the subsidy program is a legal agreement between the buyer of the home, the developer Amrapali Group of Companies and the banks that provide the home loan.

Under this program, the buyer did not have to pay any amount in the form of EMI during the “EMI-free period” until the home was completed and owned by the buyer. About 10,000 homebuyers benefited from the grant scheme, but due to “acts of omission and commission” on behalf of the Amrapali group of companies, “they were held responsible for paying EMI for the loan ” without even reaching their level of passion.

UU Judges Council Lalit and Bela M Trivedi said: “Given the facts and circumstances recorded, in our view, the interest of apartment buyers will be moderated if… the accounts of defaulting apartment buyers who have taken advantage of the support facility will not be treated as an “NPA account”. And his CIBIL score will not be maintained at zero.

Amrapali Flat Buyer

He said that no bank can impose a penalty on default committed by fixed buyers, he added however that banks are also entitled to the capital and added that the responsibility of home buyers will arise from the date on which possession is handed over and they must clear them at that time, otherwise the banks can take appropriate action. The Supreme Court said that when individual buyers approach their lending banks, their accounts will be settled and any balance payments by the banks will be paid into an account controlled by the court.

Equal monthly loan installments as per the agreement. The project was built by a previous construction company, but NBCC, which is overseeing construction of the stalled project, will look into the issue and ensure it doesn’t happen again. The Supreme Court also noted the filing that the proper documentation between the Union of Banks and the Greater Noida Authority has been completed and around Rs 1,350 crore will be injected to construct the stalled Amrapali Group projects.

On April 4, the Supreme Court was informed that a consortium of seven banks had given final approval for an injection of Rs 1,500 crore of which Rs 150 was paid directly to the National Building Construction Corporation (NBCC). On March 28, the Supreme Court ordered the Bank of Baroda-led syndicate to disburse Rs 1,500 crore to construct the stalled Amrapali Group real estate projects. He said six banks – Bank of Baroda, State Bank of India, Bank of India, Punjab National Bank, Punjab and Sindh Bank and UCO Bank – had given initial approval for disbursement of the funds, while Bank of India was on about to give final approval.

On March 21, the Supreme Court said its first priority was to ensure that every homebuyer in Amrapali had access to an apartment. The court guard told the Supreme Court that they initially released a list of around 8,000 apartments that were unclaimed by any buyers, booked under fictitious names or under-priced.

On February 21, the National Bank of Bahrain assured the Supreme Court that the construction of the blocked Amrapali Group projects will be of good quality and that safety and quality standards will be assessed by independent experts. The NBCC previously informed the High Court that presently, 10 projects in Noida and 12 in Greater Noida are ongoing involving 45,957 units with a sanctioned project cost of Rs 8,025.78 crore.

On July 23, 2019, the High Court, in a judgment of builders at fault for breaching the trust established by home buyers, ruled that the Amrapali Group should be canceled under the RERA Real Estate Act and evicted from the properties of the NCR by refusing land leases. The former leaders of the Amrapali group – Anil Kumar Sharma, Shiv Priya and Ajay Kumar – are in prison by order of the Supreme Court. The court ordered a Law Enforcement Branch investigation into allegations of money laundering by real estate brokers, offering relief to more than 42,000 Amrapali Group homebuyers with the ruling.

You can aslo read – Top 10 Points From the Verdict of Supreme Court Against the Amrapali Group You Should Know About – aquire acres

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