Amrapali

The Supreme Court on Wednesday reserved its verdict on the issue of sale of unused floor area ratio (FAR) of Amrapali Group of Companies in order to generate funds for its stalled projects. FAR is the ratio of a building's total floor area (gross floor area) to the size of the piece of land on which it is built. A bench of Chief Justice of India U U Lalit and Justice Bela M Trivedi reserved its verdict on the issue. The CJI will be demitting office on November 8, a court holiday, and will hold court last on November 7. The Noida and Greater Noida authorities have opposed the sale of the unused FAR while court receiver and attorney general R Venkataramani has supported it saying it will help in generating funds for the stalled projects of the group. Venkataramani had earlier told the bench that to complete the stalled projects, funds will be needed and despite the payment of home buyers, selling of unsold inventories and bank loans, the amount collected will be very less as compare

The Supreme Court Monday clarified that its priority is that hassled home buyers of Amrapali Group of companies get their homes and thereafter at the end it will consider the claims of money lenders

A separate fund, namely "Sinking cum Reserve Fund", has been made where all homebuyers of Amrapali Group would deposit the amount

Let the needful be done within seven days from today, the bench said

A consortium of seven banks will disburse Rs 1,500 crore loans to complete the construction of stalled projects of erstwhile Amrapali group, following a direction by the Supreme Court. The state-owned NBCC has undertaken the completion of many residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court. On March 28, the Supreme Court directed the Bank of Baroda-led consortium of seven banks to effectuate disbursal of Rs 1,500 crore by Tuesday for the construction of stalled real estate projects of Amrapali Group. In a statement, NBCC said that an agreement has been signed between ASPIRE and a consortium of seven public sector banks on March 29 for the disbursal of Rs 1,500 crore loan for stalled Amrapali projects. The seven banks in consortium are -- Bank of Baroda, Indian Bank, UCO Bank, Punjab National Bank, Bank of India, State Bank of India and Punjab & ...

The Supreme Court on Monday said its number one priority is to ensure that every Amrapali homebuyer gets a flat.

Over 1,800 homebuyers of Amrapali housing projects in Noida who have been asked by a Supreme Court-appointed receiver to start making payments of their outstanding dues within 15 days.

Top court said that it will direct that a 15-day notice be issued to the 9,538 buyers to update their registration and make payments, failing which these units would be considered unsold and auctioned

The Supreme Court was informed on Friday that nearly 9,600 home buyers, in various Amrapali housing projects, have not come forward to claim their flats.

The ED now wants to attach these funds under the stringent provisions of the Prevention of Money Laundering Act (PMLA).

Top court to next hear the matter on October 4, seeks govt suggestion on how GST will be charged

SC bench also asked the audit report to be given to the Institute of Chartered Accountants of India (ICAI)

The promoters had diverted over Rs 5,000 crore through bogus methods like loans and advances between group firms at inflated rates and unaccounted transfer of funds to the promoters.

Forensic auditors have told SC that Amrapali Group had entered into "sham agreements" with Rhiti Sports Management Pvt Ltd (RSMPL), which promotes brand of Dhoni, to illegally divert home buyers money

The top court said that it is "shocking and disturbing" that bankers are not coming forward to finance the properties

The top court had asked the Amrapali Group to deposit Rs 2.5 billion in four weeks in an escrow account to be paid to the co-developers on completion of the projects

It claimed that many firms have expressed interest in taking over and completing these housing projects