Amrapali Projects

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 proceeds from unsold units will be utilised to complete the stalled projects of Amrapali group

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

The Supreme Court directed the consortium of banks to follow the footsteps of Bank of Baroda

National Buildings Construction Corporation (NBCC) has assured the Supreme Court that the construction of stalled projects of Amrapali Group will be of good quality

The Supreme Court on Monday was told that the SBI and the UCO Bank have agreed to invest Rs 450 crore in Amrapali projects, but other banks, who were part of a consortium, are delaying the process

Around 150 flats completed by NBCC in a stalled project since the real estate company ran into trouble will be given to them on the occasion of Diwali, the Supreme Court was informed on Monday

Fund manager SBICAP Ventures said it has signed agreement with Supreme court-appointed receiver for infusing the funds

The Supreme Court on Tuesday resolved the issue of interest payable to SBICAP Ventures and cleared the hurdle for funding of six stalled projects covering around 7000 residential units.

The UCO bank, which has shown its inclination to provide loan had earlier told the court through court receiver that it can provide fund to tune of Rs 2000 crores

A bench of Justices Arun Mishra and U U Lalit was told by counsel appearing for SBICAP Ventures that it would apprise the court about its concrete proposal by next week

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)

Forensic audit report be given to ED, Delhi police, ICAI in Amrapali case: SC

Noida and Greater Noida officials had, in their submissions, told the two-judge bench that a special cell with dedicated officers had been created for the homebuyers of Amrapali

Till everything fell apart, his close friends believed that the man, known for his sharp wit, great people skills and always equipped with a 'Plan B', could get out of any crisis