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Consortium of seven banks to release Rs 1,500 crore for stuck Amrapali projects

The NBCC has been tasked by the Supreme Court to complete the stalled projects of Amrapali Group. NBCC has undertaken the completion of over 650 units in Noida and more than 4,500 units in 23 projects in Greater Noida.

An agreement has been signed between Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and the consortium of seven public sector banks for the disbursal of a Rs 1,500 crore loan for stalled Amrapali projects.

The Supreme Court on March 28 had directed the consortium of seven banks to release Rs 1,500 crore by March 29 so that construction of stalled real estate projects of the embattled Amrapali Group can begin soon.

The agreement was signed on March 29, NBCC said in a statement.

Bank of Baroda is the lead bank of the consortium of seven banks. Other lenders include Punjab National Bank, UCO Bank, Bank of India, State Bank of India, Indian Bank, and Punjab and Sindh Bank, which have formed a consortium to fund the stalled projects of Amrapali Group.

The NBCC has been tasked by the Supreme Court to complete the stalled projects of Amrapali Group. NBCC has undertaken the completion of over 650 units in Noida and more than 4,500 units in 23 projects in Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and the supervision of the Supreme Court of India.

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On behalf of ASPIRE, R. Venkataramani, the court receiver appointed by the Supreme Court and director of ASPIRE has signed the agreement in the presence of DK Mishra and Ravi Bhatia, director, ASPIRE and NBCC team headed by KPM Swamy, Executive Director (Engg.), NBCC.

On behalf of the bank consortium, Malay Panchal, CM Bank of Baroda- Lead bank and other banks representatives signed the agreement. The following seven public sector banks i.e. Bank of Baroda, Indian Bank, UCO Bank, Panjab National Bank, Bank of India, State Bank of India, Panjab & Sind Bank were also present at the event.

Nearly 40,000 homebuyers are awaiting possession in Amrapali projects.

On July 23, 2019, the top court cancelled the registration of the Amrapali Group under the Real Estate (Regulation and Development) Act, 2016, and ousted it from its prime properties in NCR by nixing land leases for breaching buyers’ trust.

Former group directors of Amrapali - Anil Kumar Sharma, Shiv Priya, and Ajay Kumar - are currently in prison following the Supreme Court’s orders.



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Moneycontrol News
first published: Mar 30, 2022 05:41 pm
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