Home Legal News [Amrapali case]Justice Arun Mishra remarks “This sector will die down if you continue to remain rigid” to Noida/Greater Noida Authorities in Amrapali case while reserving its orders

[Amrapali case]Justice Arun Mishra remarks “This sector will die down if you continue to remain rigid” to Noida/Greater Noida Authorities in Amrapali case while reserving its orders

by Shreya
Amrapali home buyers projects

The Supreme Court today reserved orders in the Amrapali case eon issues of whether surplus Floor Area Ratio (FAR) be sold or returned to Noida/Greater Noida authorities and interests to be realized by these authorities on such projects.

During the earlier hearing on May 23, Senior Advocate Sanjay Jain, appearing for the Enforcement Directorate (ED) had called for attachment of JP Morgan’s properties.

However, Senior Advocate Mukul Rohatgi appearing for JP Morgan contested the attachment and said that they had no role to play in the Amrapali case projects.

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Senior Advocate Harish Salve appearing for SBI CAP stated that he would speak to SBI CAP for releasing funds for construction work to begin.

“Time is granted to the SBI CAP, as prayed for by Mr. Harish Salve, learned senior counsel, to obtain further instructions with respect to the funding of the project” Supreme Court said in amrapali case.

Justice UU Lalit also categorically wanted to know from NBCC on funds required for completion of the amrapali case project.

Amrapali case justice uu lalit
Justice UU lalit

Also Read: [Amrapali infrastructure projects] Government should immediately give a Rs 500 crore loan to revive stalled Amrapali infrastructure projects: Supreme Court

“Submit a flow chart on plans for the next 2-3 months. We want to know: How much funds available with you, How much money would you require in next 3 months, and if you need access to more funds & how to raise it. How do you plan to finance your activities for the next couple of months? If there are unsold inventories, it would be ideal if they could be sold off. If needed to sell unsold units, there are two ways.. Either you do it yourself or we ask an agency”

: Justice Lalit asked Senior Advocate Siddharth Dave appearing for NBCC in amrapali case.

One of the key submissions made by the receiver Venkataramani was that the Court must issue directions to SBI CAP to consider relaxing some of its parameters of loan disbursal.

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“Some of their (SBI) rules about due diligence too needs to be relaxed,” submitted the senior lawyer.

The Court had also asked the government for a waiver of GST amounting approximately to Rs. 1,000 crore.

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