SC appoints NBCC to construct stalled projects of Amrapali Group
The Supreme Court Wednesday appointed state-run NBCC to develop the stalled projects of the Amrapali Group and directed the Debts Recovery Tribunal to sell the unencumbered commercial properties of the real estate firm. The top 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 National Buildings Construction Corporation Ltd (NBCC) to start construction of the pending projects in Group A and B Categories. "NBCC is appointed to develop the projects and preparation of Detail Projects Report (DPR). It can also find out the consortium of banks ready to finance the projects," the bench said and cautioned the NBCC, saying "once we put the projects in your basket, you can't shrug of the responsibility of completing them. We will bind you with it". It granted liberty to the Amrapali Group to hold talks with banks, HUDCO and other financial institutions for financing the construction of its stalled projects.
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