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SBI Capital has today finally agreed to fund the stalled Amrapali projects in a hearing led by the Supreme Court Bench of Justice Arun Mishra, after it sought a week to deliberate on its feasibility.
Senior Advocate Harish Salve appearing for SBI Cap submitted that they would be funding the stalled (net surplus projects of Amrapali only).
For this, SBI CAP would be creating another company between the Receiver and SBI CAP, which shall work in collaboration with the NBCC.
The go-ahead from SBI CAP now ensures that around 500 crores will be brought in to fund the stalled projects.
Today’s hearing also saw the Receiver, Senior Advocate Venkataramani stating that UCO Bank too had approved to take over the unsold inventory as security and was ready to fund a sum of Rs. 2,000 crores.
Justices Arun Mishra and UU Lalit has now directed “UCO Bank to finalise the complete proposal in this regard within seven days and let it be placed before the Court on the next date of hearing.”
Since the Enforcement Directorate had already attached the properties of JP Morgan, the company had filed an application to stay the attachment during the last hearing.
However, today, Senior Advocate Mukul Rohatgi appearing for JP Morgan withdrew their application for stay.
While Rohatgi insisted that in no way did JP Morgan divert homebuyers money, the bench did not heed to the arguments put forth.
The Court also observed that JP Morgan should deposit 140 crores as per the funding of Forensic Audit and direction in 2019 judgment.
The two judge bench also warned Surekha Family “of serious consequences” if they did not deposit Rs. 167 crores by the next date of hearing. The Court further recorded M L Lahoty’s argument that total recovery from Surekha Family is Rs. 760 crores as per the Judgment.
The matter will be heard next on June 10.