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SC appoints NBCC (India) to construct Amrapali Group’s stalled projects

Friday, 14 Sep 2018

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The Supreme Court (SC) has appointed NBCC (India) to develop the stalled projects of the Amrapali Group. Also, the court has directed the Debts Recovery Tribunal to sell the unencumbered commercial properties of the real estate firm.

The SC has also directed the opening of an escrow account in the apex court in which the amount received after the sale of properties will be deposited and later disbursed to NBCC (India) to start construction of the pending projects in Group A and B Categories.

NBCC (India) will develop the projects and prepare detail projects reports (DPRs). It can also find out the consortium of banks ready to finance the projects.

It granted liberty to the Amrapali Group to hold talks with banks, Housing and Urban Development Corporation (HUDCO) and other financial institutions for financing the construction of its stalled projects. For completion of the projects, Rs 1,590 crore can be generated from the sale of unsold inventory.

The SC had on 6 September 2018, identified 16 properties of the Amrapali Group for auctioning, preferably by the NBCC (India), to give it an initial corpus to start work on the stalled projects.

The NBCC (India) had given a proposal for completion of 15 residential projects of Amrapali Group having 46,575 flats at an estimated cost of Rs 8,500 crore in six-36 months.