NEW DELHI: In a boost to the efforts of construction of stalled projects of Amrapali, the Supreme Court on Monday told that a consortium of seven banks have granted final approval to infuse Rs 1500 crore out of which Rs 150 crore has been directly paid to National Buildings Construction Corporation (NBCC).
A bench of Justices UU Lalit and Bela M Trivedi was informed by court receiver R Venkataramani that the rest of the amount could not be released as banks said that for the purposes of disbursal of funds they would require equitable mortgage by deposit of title deeds as a pre-condition.
The top court was told that one of the reasons pertains to some of the observations made by this court in its judgement dated July 23, 2019. Venkataramani pointed out that the top court said that all leases in favour of Amrapali Group of companies stand cancelled which in effect would mean that there would be no title document that could be deposited in the banks. The court receiver said that the situation could be salvaged if the name of the Amrapali Group of companies could be substituted by the court receiver.