RECEIVER IN HOUSING CASE URGES SC TO RELEASE LOAN

-Shreeya Shukla




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

The SC has been monitoring execution & the handover of the stalled Amrapali housing projects ever since an internal audit report, commissioned by Court, found grave irregularities on part of the Amrapali firms & its directors. The court-appointed the senior advocate R Venkatramani as receiver to pursue completion of stalled projects& ensure the timely completion as well as handover to the homebuyers.
Venkatramani informed the SC in his note that as on date, funds to complete housing projects had to come from the sale of the unsold housing inventories, sale of other Amrapali properties & the balance receivables on sold units from the homebuyers who have taken the loans. Amrapali housing case has urged the SC to issue the urgent orders to the RBI for an advisory asking all the banks to disburse the balance loan.

The note pegs the funds from the sale of the 5,228 unsold inventories at approximately Rs 2220.45 crore, funds from the sale of other Amrapali properties, attached or otherwise, at Rs 500 crore, bank loans to the homebuyers &balance accruing on the sold units at approximately Rs 3,870.4 crore, & receivables from the unsold units at Rs 213.46 crore.
Meanwhile, the advocate ML Lahoty, assisting the Court on behalf of the homebuyers, has submitted a separate note to the court, claiming that the funds accruing from the sale of other assets belonging to the Amrapali group come to more than Rs 7,881 crore, instead of Rs 500 crore estimated.
Venkatramni said: “I will offer my comment on Friday about this .”

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