SC Asks SBI CAP to Start Funding 6 Stalled Projects of Amrapali Group

“Salve stated that the order may be passed that funding may be started for six projects as identified by the SBICAP. However, the Receiver has made some suggestions, on which Mr. Salve has also submitted that in case any direction is issued by the Central Government with respect to the projects in question, they will abide by it, as a special case,” the Bench said.

The apex court further directed Solicitor General Tushar Mehta appearing for Centre to get in touch with the Ministry of Finance for taking appropriate action as a special case as it is monitored by the court and stressed fund created is required to be used purposefully.

“Let prevailing rate of interest on lending may also be considered with respect to return of profit on investment,” the bench said while posting the matter for hearing on August 31.

In a relief to hassled home buyers of now defunct Amrapali Group, the SBICAP Ventures, which manages the government sponsored stress fund for the real estate sector had told the Supreme Court that it was ready to fund the stalled projects of embattled real estate firm.