The Supreme Court announced on Thursday that SBI Capital will finally release a fund of Rs 625 crore by next week. This substantial financial injection will be used to finance six stalled Amrapali projects, ultimately ensuring the much-awaited delivery of apartments to anxious homebuyers.
The Supreme Court panel, presided over by Justice Uday Umesh Lalit, was addressing petitions filed by numerous Amrapali property buyers in Noida and Greater Noida. These buyers had taken legal action after the developer failed to deliver their homes as promised.
Adding another layer to the proceedings, the Housing and Urban Development Corporation (HUDCO) also expressed its willingness to provide funding for the Amrapali projects, albeit with specific terms and conditions. The court sought the opinion of lawyer M.L. Lahoty on HUDCO's proposal by the following morning. Lahoty represents many of the affected homebuyers and has been actively involved in engaging with the Noida and Greater Noida authorities regarding this matter.
Furthermore, the court rejected an application from the Economic Offences Wing (EOW) on Thursday. The EOW had requested to share all initial information reports (FIRs) filed in Uttar Pradesh with the Delhi police for this case; however, the Supreme Court clarified that any other enforcement issues arising from this case would remain under its jurisdiction, with the hearing scheduled to continue the following morning.
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