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Supreme Court : Six Banks Ready To Fund Amrapali Project, Infuse Rs 1000 Cr To Complete Stalled, Will Start Funding From December

Agency/Amar Ujala Bureau, New Delhi.

Published by: Yogesh Sahu
Updated Sun, 14 Nov 2021 02:20 AM IST

Summary

The apex court bench has asked banks to start the funding process immediately without delay. During the hearing, real estate companies of Noida and Greater Noida assured that the benefit of lower interest rate fixed by the court would be passed on to the buyers on the payment made to the Noida Authority for the delay.

Amrapali Builder (file photo)
– Photo : Amar Ujala

There is news of relief for the home buyers of Amrapali. The court receiver told the Supreme Court on Saturday that six banks have agreed to fund the Amrapali project. This has raised hopes of completion of stalled projects of Amrapali.

The court receiver told a bench headed by Justice UU Lalit, State Bank of India, Bank of India, Punjab and Sind Bank, UCO Bank, Bank of Baroda and Punjab National Bank have agreed to fund the Amrapali project. Soon the banks will decide how much money they will give. However, these banks have agreed in principle to invest around Rs 1000 crore.

Documents will be signed for this by the end of November and the project will get funding from December. The bench asked the banks to start the funding process immediately without delay. During the hearing, real estate companies of Noida and Greater Noida assured that the benefit of lower interest rate fixed by the court would be passed on to the buyers on the payment made to the Noida Authority for the delay.

Therefore, the demand of the Noida Authority to withdraw the order of reduction of interest should not be accepted. In July last year, the Supreme Court had reduced the interest rate to eight per cent. Real estate companies including Ajnara, Paramount, Ace Group, among others, argued before the bench that the authority has sought its withdrawal a year after the Supreme Court order.

This is an abuse of the legal process. Senior advocates Kapil Sibal and Abhishek Manu Singhvi, appearing for the builders, said the Noida and Greater Noida authorities had accepted the decision and an affidavit was filed before the court with an undertaking to comply with the directions. But now they do not feel that order is appropriate.

Expansion

There is news of relief for the home buyers of Amrapali. The court receiver told the Supreme Court on Saturday that six banks have agreed to fund the Amrapali project. This has raised hopes of completion of stalled projects of Amrapali.

The court receiver told a bench headed by Justice UU Lalit, State Bank of India, Bank of India, Punjab and Sind Bank, UCO Bank, Bank of Baroda and Punjab National Bank have agreed to fund the Amrapali project. Soon the banks will decide how much money they will give. However, these banks have agreed in principle to invest around Rs 1000 crore.

Documents will be signed for this by the end of November and the project will get funding from December. The bench asked the banks to start the funding process immediately without delay. During the hearing, real estate companies of Noida and Greater Noida assured that the benefit of lower interest rate fixed by the court would be passed on to the buyers on the payment made to the Noida Authority for the delay.

Therefore, the demand of the Noida Authority to withdraw the order of reduction of interest should not be accepted. In July last year, the Supreme Court had reduced the interest rate to eight per cent. Real estate companies including Ajnara, Paramount, Ace Group, among others, argued before the bench that the authority has sought its withdrawal a year after the Supreme Court order.

This is an abuse of the legal process. Senior advocates Kapil Sibal and Abhishek Manu Singhvi, appearing for the builders, said the Noida and Greater Noida authorities had accepted the decision and an affidavit was filed before the court with an undertaking to comply with the directions. But now they do not feel that order is appropriate.

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