Release buyers’ loans: Receiver

The court receiver appointed for execution of the Amrapali group housing projects has urged the Supreme Court to issue urgent orders to the Reserve Bank of India (RBI) for an advisory asking all banks and financial institutions to disburse balance loan amounts to Amrapali homebuyers to ensure availability of funds for completion of stalled projects. The special bench of the apex court will take up the receiver’s note for hearing on Friday.

The Supreme Court has been monitoring the execution and handover of the stalled Amrapali housing projects ever since an internal audit report, commissioned by the Court, found grave irregularities on part of Amrapali firms and its directors. The court appointed senior advocate R Venkatramani as the receiver to pursue the completion of the stalled projects and ensure timely completion and handover to the homebuyers.

Venkatramani informed the Supreme Court in his note that as on date, funds to complete the housing projects had to come from the sale of unsold housing inventories, sale of other Amrapali properties, and balance receivables on sold units from homebuyers who have taken loans.

The note, a copy of which is with the HT, pegs funds from sale of 5,228 unsold inventories at approximately ₹2220.45 crore, funds from sale of other Amrapali properties, attached or otherwise, at ₹500 crore, bank loans to homebuyers and balance accruing on sold units at approximately ₹3,870.4 crore, and receivables from unsold units at ₹213.46 crore. Meanwhile, advocate ML Lahoty, assisting the Court on behalf of homebuyers, has submitted a separate note to the court, claiming that funds accruing from sale of other assets belonging to Amrapali group come to more than ₹7,881 crore, instead of ₹500 crore estimated.

Venkatramni said: “I will offer my comment on Friday on this.”