Paridhi Arya
Published on: April 5, 2022 at 16:39 IST
In Supreme Court Two Judge Bench of Justice UU Lalit and Justice Bela M Trivedi said that The Consortium of Seven Public Sector banks are to pay out 1500 Crore Rupees for the Amrapali Project and amount of 150 Crore Rupees are already disbursed.
The objection raised by the Consortium of banks that the banks need some equitable Mortgage Property as according to the Judgment of 2019 all the Lease in the name of Amrapali Company were cancelled according to the note served by receiver.
The suggestion made by Advocate Venkatramani, who is a Receiver, was that the vesting of the Lease on Receiver can solve the issue.
Advocate Alok Kumar has pointed out another Objection of Consortium of banks was approvals. The Mandatory approvals required before starting of the project need to be taken before construction.
The National Building Construction Corporation has in reply stated that they had taken the approvals but some got time barred as work stopped and some didn’t clear by the Government. The approvals will be soon taken.
National Building Construction Corporation showed the need of RS. 540 crores to start the construction at earliest.
Senior Advocate R. Venkatramani said that there is a positivity among the buyers for the flats even 187 Flats were booked by the Customers which has a total value Rs. 100.07 crore.
The Bench of Justice UU Lalit and Justice Bela M Trivedi appreciated that is the efforts of Receiver and Banks and Reserve Bank of India who is taking part in the project.