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Supreme Court requested for the opinion of the government over granting a 500 crore loan for finalizing the project in Amrapali Home Buyers Case with attachment order of JP Morgan property:-

The Supreme Court was of the opinion that government should grant 500 crore loan for the completion of the Amrapali Infrastructure project which had been shackled so that work may start and after completion money is generated and repaid.

The concern was presented before Double-Bench of Justices Arun Mishra and UU Lalit, a proposal note note was entrusted by an appointed receiver senior adv. R Venkataramani.

In accordance with Justice Arun Mishra directed the government to immediately grant Rs. 500 crore loan as there was no private player but NBCC who has been entrusted with the unexpurgated project.

The Additional Solicitor General appearing on the behalf of union of India and SBI capital he presented before the court that a meeting should be conducted with the secretary of the finance ministry of the union where he would be laying down the opinion of the court. He elaborated on his point that if an exception is to be made in the case of amarpali for disbursing the public money the grounds of search disbursement should be reasonable.

Therefore the Supreme Court forebeared from the order hearing the remarks of ASG Vikramjit Banerjee.

The court appointed receiver Venkataramani was of the belief that some of the parameters of the SBI capital must be alleviated concerning the loan disbursal.

The court concurring the opinion asserted that the government for a waiver of GST amounting Rs.1000 crores nearly.

The court lifted the embargo over the attachment of JP Morgan’s property and sanctioned the enforcement directorate to attach the bank accounts and properties affiliated to him as submitted by senior advocate Sanjay Jain on behalf of the ED.

The enlisted bank account had been lugging a lumpsum amount of Rs. 187 crores which were entrusted to be proceeds of crime.

The bench even heard council ML Lahoty as he observed that the Amrapali properties is likely to generate revenue of Rs. 7881.60 crores and extract an amount of Rs. 799 crores from the directors, CFO, etc.

Lahoty even stated a recovery of Rs. 860 crores from the Surekha Group but the judges stated matter be submitted before the court on the next hearing for orders.

Venkataramani enlightened the court how NBCC has furnished tenders for the the projects and only tenders for two projects in greater Noida remained and the court had been hearing petitions regarding delay in possession of houses since 2017 against the construction company.

By Rajat Verma of MMDU