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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.