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The Supreme Court today while hearing several intervention applications in the Amrapali matter, the Bench has reserved on three specific issues including:
Senior Advocate Mukul Rohatgi, appeared for JP Morgan and informed the Court that their properties have been attached to recover money to the extent of 187 cr as per the Court’s directions and the attachment is blatantly illegal, as JP India does not have one Penny’s worth in Amrapali. They have had no dealing with Amrapali, as they are independent and have had no investment in Amrapali. Rohatgi asked for a day to file rejoinder since the forensic auditor has not even heard him.
Justice Mishra stated that they are are concerned with JP Morgan as it has branches all over the world, and that has to be taken into account.
Sr Adv Harish Salve appearing for SBI Cap, asked the Court to not pass any orders till he takes instructions from SBI, and urges them to release more funds.
Justice Lalit asked Siddharth Dave, representing NBCC to submit a flow chart on their plans for the next 2-3 months and to inform the Court as to the funds that are still available with them, money required in next 3 months and if access to more funds is required, and they would be raised, their plan to finance the activities for the next few months, and how will the unsold units be sold.
The Bench urged the Noida and Greater Noida authority to be more accommodating as far as the rate of interest is being levied concerned,
“The sector will die down if you continue to remain rigid. You have to give some relaxation. Not one project, all projects will fall through.”
Senior Advocate ML Lahoty on behalf of the homebuyers, submitted that homebuyers should not be made to pay anymore at this point towards the construction. According to previous directions, Court had asked construction to be completed in a time bound manner, making the homebuyers entitled to compensation.
Justice Mishra stated that Homebuyers should not be under the impression that without paying they will enjoy benefits of the property.
“Let us do something pragmatic in a step wise manner, for now. Do not invite our wrath, Mr Lahoty.” Said Justice Mishra.
ML Lahoty clarified that he did not suggest that homebuyers will enjoy without paying, but they’ve already been aggrieved a lot after paying huge amount of money.
Supreme Court will hear Rohatgi on the JP Morgan issue in its next hearing on Wednesday, along with Salve after he seeks instructions from SBI Cap
Supreme Court in is last hearing had allowed the enforcement directorate to attach properties of J P Morgan in Amrapali case after being informed that Rs 187 crore have been detected as proceeds of crime. The order was passed while taking hearing note of the receiver appointed for execution of the Amrapali group housing projects urging the Court to issue urgent orders to the Reserve Bank of India for an advisory asking all banks and financial institutions to disburse balance loan amounts to Amrapali homebuyers in order to ensure that funds are available to complete the stalled projects.
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