NEW DELHI: As only SBI and UCO bank finalised proposal to invest Rs 450 cr in Amrapali projects Supreme Court on Monday directed other banks to take a final decision within two weeks even as the court was informed that 300 buyers will be given possession letters by Diwali.
The court-appointed receiver R Venkatarmani said these flats are in addition to 2,300 flats which would be handed over to buyers in Noida as promised by NBCC. Appearing before a bench of Justices U U Lalit and Ajay Rastogi, the senior advocate pleaded that a "little nudge" from the court is needed to expedite the process as six banks agreed in principle but things did not move forward in the last one and half months.
The receiver had on September 3 informed the bench that he had extensive meetings with officials of a consortium of six banks namely -- Bank of Baroda, Punjab National Bank, Bank of India, State Bank of India, UCO Bank and Punjab & Sindh Bank. He submitted the consortium has agreed to extend funding and that documentation on that behalf will be executed during the month thereafter the loans were expected to be disbursed.
Except SBI and UCO Banks, none of the remaining four banks came out with any concrete proposal on funding and contended that the proposal has not been finalised, the bench asked them to decide within two weeks and file the proposal before it.
