NEW DELHI: The Supreme Court Monday was informed that a consortium of seven banks have released Rs 280 crore to Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) for completion of the incomplete projects while cricketer M S Dhoni, who was the brand ambassador of real estate group moved the top court seeking direction in the ongoing arbitral proceedings.
A bench of Justices UU Lalit and Bela M Trivedi took note of the submission of advocate Alok Kumar, appearing for the consortium of banks, that Rs 280 crore will be released to ASPIRE, from where it will be used for funding of the incomplete projects.
He said that the court must ensure that funds that are being put by the consortium of banks in ASPIRE are utilised for the projects for which it is meant and not used for any other purpose. The bench assured Kumar that the funds will be used for completing the incomplete projects, which are identified and a feasibility study has been done.
Advocate Udhav Nanda, appearing for Dhoni, said that they have filed an interlocutory application seeking a direction in arbitral proceedings which are going on with the real estate group. He, however, did not clarify what kind of arbitral proceedings or what directions are needed from the court. The bench said that it will take up for hearing the former Indian cricket team captain’s application on May 9.