The Supreme Court also directed homebuyers to clear their dues by October 31, failing which the court receiver may be compelled to cancel their allotments
SBICap to be paid 12 percent internal rate of return, but no payment to be made for professional expertise or for monitoring the project
SBICAP informs SC that it may be difficult to fund Amrapali projects below 12 percent interest
The Supreme Court-appointed court receiver in the Amrapali Case had submitted an application to SBICap to fund stuck projects in May
Work on all projects are likely to be completed within 9 to 36 months. Completion depends on timely deposit by homebuyers and arrangement of funds from other sources, says NBCC CMD PK Gupta.
The two authorities generally charge interest at the rate of 11 percent from developers, who pay for housing land in installments.
The SC lashes out at the Centre for not releasing funds from SBICAP stress asset fund, warns that if the proposal is not finalised within a week, it will pass orders for financing the projects independently.
SBICAP identifies eight projects for construction; next date of hearing is on July 22
Amount to be utilised for construction of stalled projects; SBICap granted four weeks to firm up proposal for financing unfinished projects.
The fund has received applications from both Tier 1 and Tier 2 cities such as Jaipur, Karnal, Mohali and Panchkula, Nagpur and Nasik. Smaller developers facing challenges to comply with the initial due diligence process
Supreme Court directs multi-national firm JP Morgan to deposit Rs 140 crore; next hearing on June 10.
Directs enforcement directorate (ED) to consider the objections raised by JP Morgan India against attachments of its properties in the Amrapali case.
The court receiver has suggested that the GST authorities be directed to waive GST on construction of the Amrapali projects. The next date of hearing is scheduled for May 27
"In view of Covid-19, the office of the receiver has decided to suspend and cancel the meetings with homebuyers until March 31, 2020. People are at liberty to send mails," the court receiver R Venkataramani appointed by the Supreme Court said in a statement posted on his blog.
Apex court directs ED to attach properties of multinational firm JP Morgan
The court receiver has also been directed to finalise the tripartite agreements and verify documents of homebuyers.
Debt Recovery Tribunal puts out advertisements for auction of 20 Amrapali properties for the fourth time.
Apex court orders that the forensic audit report be given to the Enforcement Directorate, Delhi Police and the ICAI to take action against Amrapali directors and auditors for siphoning off over Rs 3,000 crore
SC directs NBCC to submit modalities for completion of stuck projects; Court reserves order and the next date of hearing would be indicated in the order
There are no timelines laid down for NBCC to complete the projects yet. This would be subject to funds available for construction
Agreements entered between the Amrapali group of Companies and ICICI Prudential Real Estate Fund were merely “sham documents which were never complied with," says the SC order on Amrapali case quoting the forensic report
Supreme Court directs the amount be recovered from the management of the company
The overall value of stuck real estate projects is estimated to be more than Rs 1.7 lakh crore
The forensic audit, ordered in 2018 by the Supreme Court, revealed that JP Morgan knew Amrapali Zodiac was diverting money received from homebuyers to other group companies.
Amrapali’s "arrangement" with Rhiti Sports Management Private Limited and Amrapali Mahi Developers Private Limited came to light during a forensic audit ordered by the apex court of the real estate developer in 2018.