Allow disbursement of loans to Amrapali homebuyers: SC
Tribune News Service
New Delhi, June 10
The Supreme Court on Wednesday directed the Reserve Bank of India (RBI) to allow banks to release outstanding amounts of sanctioned loans to Amrapali homebuyers, notwithstanding their accounts having been declared non-performing assets (NPAs).
A Bench headed by Justice Arun Mishra issued several directions to ensure generation of funds for completion of pending projects by the NBCC.
“The disbursement of further loans may be based on the rate of interest fixed by the RBI; this we order in the peculiar facts of the case. It may be released stage-wise and long-term restructuring of the loans may be done so that construction is completed and buyers are able to repay the loan,” it said.
The Bench also gave some relief to real estate companies having incomplete housing projects as it asked Noida and Greater Noida authorities not to charge heavy rate of interest from them for delay in repayment.
The rate of interest should be kept at 8% per annum, it said, adding Noida and Greater Noida authorities should restructure the repayment schedule.
The Bench also allowed sale of balance FAR through the court-appointed receiver.
Unused FAR shall be at 2.75 and not 3.5 and if there was any increase in FAR, it shall be decided by Noida and Greater Noida authorities, it said.
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RBI to fix interest rate
“The disbursement of further loans may be based on the rate of interest fixed by the RBI. It may be released stage-wise and long-term restructuring of the loans may be done so that construction is completed and buyers are able to repay the loan.” — Supreme Court
