SC appoints NBCC to build Amrapali's projects

    National Buildings Construction Corporation
    The Supreme Court in a recent ruling has given go ahead to National Buildings Construction Corporation Ltd (NBCC) to develop stalled projects of the Amrapali Group entailing an investment worth ₹8,500 crore and also directed the Debt Recovery Tribunal to sell the unencumbered commercial properties of the realtor. The court directed the opening of an escrow account in the apex court in which the amount received after the sale of properties would be deposited and later disbursed to the (NBCC) to start construction of the pending projects in Group A and B Categories. NBCC has been authorized to develop the projects and prepare Detail Projects Report and also authorized it to find out the consortium of banks ready to finance the projects and cautioned the NBCC to complete the projects in question within the stipulated timelines. It said there could be some encumbrances of Noida and Greater Noida on these properties, which would be paid at a later stage and Amrapali should provide all necessary details, including title deeds, dues and encumbrances to the DRT officer. It may be recalled that 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 to 36 months.
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