On Friday, the Supreme Court directed the Enforcement Directorate (ED) to investigate all the cases being probed by the Economic Offences Wing which have been filed by Amrapali homebuyers. All the FIRs pending in Delhi and Noida against the developers have also been directed to be transferred to ED for further investigation.
The counsel for SBI Cap apprised the bench that a final proposal on releasing the funds is being decided and shall be finalized in three weeks. He submitted that that the discussions are on with National Buildings Construction Corp Ltd (NBCC) and court appointed receiver, senior advocate R Venkatramani. SBI Cap also submitted that around seven housing projects have been identified which could be taken up for constructions.
The apex court bench headed Justice Arun Mishra on hearing the submissions of SBI Cap asked the SBI Cap Ventures to submit their final proposal by 4 August. The court also directed the homebuyers to pay their due payments as per the schedule prepared by NBCC. The receiver has been directed to upload the schedule at the earliest and also been asked to prepare a list of homebuyers who are seeking refund of their money.
The Supreme Court on 10 June has directed banks and financial institutions involved in the Amrapali group case to restructure the loans given to homebuyers. The amount is to be released in line with Reserve Bank of India (RBI) norms and disbursement of further loans are to be based on the present rate of interest fixed by RBI, the apex court had ordered.
The receiver apprised the bench on Friday that none of the banks have responded to the courts order of restructuring and releasing the loans given to homebuyers.
Justice Mishra took a note of this submission and directed the Chief Managing Directors’ (CMD) of all banks to comply with the courts order within two weeks.
The court held that CMDs of all banks should personally look into the disbursement of sanctioned loans to the home buyer. The banks have also been asked to consider granting fresh loans to ensure that the funds are available for NBCC to complete the construction of the stalled projects.
The court also reiterated its order of 10 June and restrained the homebuyers to approach NBCC. The court in its previous order had clarified that NBCC has been asked by it to complete the projects. Hence, they are granted immunity and are not liable in any cases filed by any existing homebuyers, previous contractors, co-developers, landowners, banks, financial institutions, other lenders and creditors, and any government authority before any other court, commission or authority.
The slew of directions have been by the top court while hearing the case of execution and handing over of the stalled Amrapali housing projects.
The Supreme Court in July 2019 had directed the state-run NBCC to take over and complete its stalled projects of Amrapali Group.
There are around 46,000 homebuyers who had invested in various Amrapali projects more than a decade ago, but many of them are yet to receive possession of their homes.
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