NEW DELHI: The Supreme Court Wednesday directed SBICAP Ventures Ltd, which manages government sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, to take a call within 10 days on financing the completion of stalled projects of the now defunct Amrapali Group.
The top court directed court receiver senior advocate R Venkatramani, who has been appointed custodian of properties of Amrapali Group, to make an application to SBICAP Ventures and furnish the requisite information with regard to the projects.
A bench of Justices Arun Mishra and U U Lalit said, “We request the receiver to deliberate with the SBICAP Ventures Ltd and furnish the requisite information. On the requisite information being furnished, the SBICAP Ventures Ltd is to deal with the same within 10 days and to submit its proposal.”
The top court noted that Additional Solicitor General Vikramjeet Banerjee placing on record the application of SBICAP Ventures on the process for selection of stalled projects for funding of SWAMIH Investment Fund-U and corresponding timeline which is sponsored by the Government of India and managed by SBICAP Ventures.
He has also placed the criteria for the stalled projects to be considered for the funding including that at least 90 per cent of the available FSI/FAR is being developed as affordable housing units or mid-income housing units and is networth positive — value of sold receivables plus unsold inventory being greater than cost of construction and to service the investment by the fund.
The top court directed Banerjee to submit a present status report of sale of properties of Amrapali Group undertaken by government owned Metal Scrap Trade Corporation (MSTC) on affidavit.
It asked the banks who have entered into loan agreements with the home buyers directly or through Amrapali Group, to clear their stand on the suggestion of court receiver, that interest amount levied on defaults of the builder and home buyers should be waived off and on disbursal of the loan amount to each homebuyer in terms of payment requirement of NBCC.
Source: Press Trust of India