Amrapali : Ready To Do Needful For Stalled Project, Says SBI CAP; SC Directs Meeting Between SBI CAP, NBCC & Receiver [Read Order]

The SBI CAP told the Supreme Court by way of an affidavit that it was ready to do the needful for the stalled Amrapali project. 

SBI CAP further told the Court that it was in deliberation with the Receiver, Senior Advocate R Venkatramani, and National Building Construction Company (NBCC), the central government entity which has been directed to take over the construction project.

For funding the project, another company has to be set up between SBI CAP and the Receiver, which shall work in collaboration with the NBC, SBI CAP told the Court.

On the basis of these submissions, a bench comprising Justices Arun Mishra and UU Lalit ordered :

"The NBCC shall undertake the construction work and the funding will be done through the company for the purpose of construction. For this, time is prayed for to work out the  details. Let a joint meeting be convened between the NBCC, Receiver, the SBI CAP and UCO Bank to do the needful".

UCO Bank said that it was ready to take over the unsold inventory as security and ready to fund a sum of Rs. 2000 Crores in security of unsold inventory. 

Based on this, the Court ordered 

"We direct the UCO Bank to finalise the complete proposal in this regard within seven days and let it be placed before the Court on the next date of hearing".

Last week, the bench had directed Senior Advocate Harish Salve, who appeared for SBI CAP, to seek instructions regarding the modalities of funding.

The bench also adjourned till next week the plea moved by JP Morgan, regarding its objections to the permission granted to ED to attach its assets in India.

On July 23 last year, the SC had ordered cancellation of Amrapali Group's registration under RERA and ordered a probe by the ED into allegations of money laundering, in pleas filed by several homebuyers seeking possession of around 42,000 flats booked in Amrapali Group projects.

The apex court had then directed the ED that the investigation should be carried out impartially, properly and expeditiously within a period of three months.

The Court also directed the NBCC to take over the stalled project.

On May 22, the bench had permitted ED to attach the properties of JP Morgan.

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