Amrapali case: SC directs banks to respond to buyers who had availed of subvention scheme in a week

Lawyers representing homebuyers informed the apex court that several homebuyers, who had booked flats in Amrapali projects under the subvention scheme, are suffering due to the default of the developer, as the flat buyers have started receiving demand notices from the banks and have been threatened with recovery proceedings.

The court receiver R Venkataramani told the bench that six banks, which include Bank of Baroda, UCO Bank and Bank of India, have formed a consortium to fund the stalled projects of Amrapali Group and are likely to start funding the stalled projects within a month.

“Six banks namely, Bank of Baroda, Punjab National Bank, Bank of India, State Bank of India, UCO Bank  and Punjab and Sindh Bank have agreed to form a consortium. Documentation and finalization may take a month,” he said, adding project finances would be sanctioned before Dussehera.

The bench directed the court receiver to keep them apprised of the matter.

The court order is awaited.

With regard to the 9538 defaulter homebuyers, the court receiver said that there were some mistakes that had been spotted in the list which have now been corrected. The corrected list of buyers would be put up in the next two to three days.

When the special bench of Justice U U Lalit and Ajay Rastogi asked the court receiver, senior advocate R Venkataramani on whether homebuyers were paying the dues as per schedule, he said that most homebuyers are paying their dues as per the payment plan except for those whose payment is through bank loans, which have been stuck for one problem or other.

Senior advocate Siddharth Dave, appearing for NBCC informed the court on September 3 that a writ petition has been filed in the Delhi High Court by a firm seeking to be appointed as channel partner for sale of housing units and commercial areas of various erstwhile Amrapali Projects at Noida and Greater Noida.

The bench directed that the said writ petition be transferred to the top court.

The Supreme Court on August 13 had given  15 days’ notice to 9,538 Amrapali homebuyers to fill their details on the court receiver’s website and start making payments, failing which the court receiver would be at liberty to cancel their allotment and include their units as part of the unsold inventory.

The two-member bench comprising Justices U U Lalit and Ajay Rastogi had said that homebuyers who have not filled the customer data on the court receiver’s website nor paid any amount be granted 15 days’ time by the court receiver failing which they be declared as defaulters and their properties treated as unsold inventory.

However, the issue of 6,210 homebuyers who have taken the benefit of subvention scheme facility and are finding it difficult, will be addressed separately, the court had said

With regard to the Amrapali Zodiac project, NBCC on September 3  submitted that there were some technical issues pertaining to installation of generators. The court directed NBCC to mark and map the site location as per site layout or in absence of such plan a marking should be made. “A copy of such a plan, undersigned by NBCC should be submitted in the registry of the Supreme Court,” the bench said.

Advocate M.L Lahoty submitted to the court that about five private individuals have shown interest in buying five residential properties of Amrapali Group amounting to Rs 19.5 crores.

The court directed the court receiver and the forensic auditors to conclude the exercise within a fortnight before the court to take a final decision on recovery including sale of Amrapali Group director’s personal properties. The court receiver has also been asked to carry out valuation for these five properties in two weeks’ time.