Sunday, February 5, 2023

If fund issue cannot be resolved, Amrapalli management should be handover to UP Government: AG to Supreme Court

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Attorney General R Venkataramani, the court receiver for the Amrapali case, has informed the Supreme Court on December 2 that incase the issues relating to the finance for construction of housing units is not resolved at the earliest, he would have to request the Supreme court to direct the Uttar Pradesh state to take over the construction and management of the embattled company.

The Amrapali matter had been listed for December 2 before the bench today for fixing the next date of hearing. The case will now be taken up on December 8.

The AG Venkataramani informed the court that he is facing  great opposition from the authorities of Noida and Greater Noida in generating funds for the stalled Amrapali  projects.

The AG told a bench of Justices Ajay Rastogi and Bela M Trivedi that these authorities have taken a stand that unused FAR (floor area ratio) should not be sold.

The proposed sale of the unused FAR was opposed by both Noida and Greater Noida authorities, while Attorney General Venkataramani has supported it, saying it will help generate more funds.

Venkataramani had submitted for the need of more funds which are needed to complete the stalled projects .

The AG added that despite the payment made by home buyers, the sale of unsold inventories and bank loans, the amount collected will be very less as compared to funds required for completion of pending projects and therefore they need to sell unused FAR.

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