SC orders banks to release Amrapali homebuyers’ loans
NEW DELHI: In one stroke, the Supreme Court on Wednesday paved the way for infusion of at least ~2,000 crore for construction of stalled Amrapali Group housing projects. Two key directions passed by a bench of justices Arun Mishra and UU Lalit made the cash infusion possible.
The first direction was to banks to release the balance of loan amounts sanctioned to Amrapali homebuyers. This direction has potential of arranging funds worth over ~3,000 crore.
NEW DELHI: In one stroke, the Supreme Court on Wednesday paved the way for infusion of at least ~2,000 crore for construction of stalled Amrapali Group housing projects. Two key directions passed by a bench of Justices Arun Mishra and UU Lalit made the cash infusion possible.
The first direction was to banks to release the balance of loan amounts sanctioned to Amrapali homebuyers. This direction has potential of arranging funds worth over ~3,000 crores. According to a note prepared by the court-appointed receiver and senior advocate R Venkatramani, under the head “bank loans to homebu interestyers and balance receivables from all sold units (of Amrapali projects)” a total of Rs 3,870.4 crore is due. Even homebuyers who failed to make timely deposits due to which their loan accounts were declared NPAs will also benefit from this order. Court directed banks to restructure loans in a manner to ensure money is released on stage-wise completion of projects.
The second key direction from the court came with regard to sale of unused floor area ratio (FAR) available under the sanctioned plan for Amrapali projects.
The court said, “A substantial amount has to be fetched out of the sale of permissible FAR, which is 2.75, purchasable FAR, which is 0.75, as the case may be, and due to other developments, if any other FAR is made available, it is permitted to be sold by the Receiver and the Committee to utilize the money to complete various projects.”
For the homebuyers, advocate ML Lahoty said, “The court has resolved that NPA will no more be an impediment in releasing loans. This is a significant order as several homebuyers were not in a position to pay.”
UNITECH DIRECTORS GET ACCESS TO LAWYERS
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