Summary:
more-inThe Supreme Court on Wednesday appointed state-run NBCC to develop stalled projects of Amrapali Group and directed the Debts Recovery Tribunal (DRT) to sell unencumbered commercial properties of the real estate firm. “NBCC is appointed to develop the projects and prepare a Detailed Projects Report [DPR]. We will bind you with it.”It granted liberty to Amrapali Group to hold talks with banks, Housing and Urban Development Corporation, and other financial institutions for financing the construction of its stalled projects. NBCC had given a proposal for completion of 15 residential projects of Amrapali having 46,575 flats at an estimated cost of ?8,500 crore in 6-36 months. The apex court had on September 6 identified 16 properties of Amrapali Group for auctioning, preferably by NBCC, to give the PSU an initial corpus to start work on the stalled projects..