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NBCC appointed by SC to complete projects of Amarpali group couldn’t be dragged into litigations by existing buyer

September 10, 2020[2020] 118 taxmann.com 510 (SC)
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COMPANY LAW/RERA : NBCC having been appointed by Supreme Court as a Project Management Consultant for completion of various stalled projects of Amrapali Group, it could not have been dragged into litigations filed by existing home buyers, or any interested party before any Court/Commission or Authority

COMPANY LAW/RERA : Where housing projects of Amrapali Group in Noida and Greater Noida had been stalled for last several years and home buyers had obtained loans but could not enjoy fruits of their investment, banks and financial institutions were to be directed to release loans to home buyers of Amrapali Group, whose loans had been sanctioned, notwithstanding fact that their accounts were declared as Non-Performing Assets (NPAs)

COMPANY LAW/RERA : In order to give impetus to stalled housing projects of Amrapali Group, rate of interest on outstanding premium and other dues to be realized would be rate of 8 per cent per annum

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