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SC directs DRT to Transmit Rent received from Property attached to the Amrapali Account
May, 27th 2020

The Supreme Court of India recently directed the Debt Recovery Tribunal (DRT) to transmit the rent which they have received from property that has been attached to the Amrapali Account maintained by the Registry of this Court.

The Receiver, in this case, has pointed out that GST should be waived by the Government of India considering the dispute in the matter, alternatively, it was submitted that GST dues may be kept in abeyance.

Further, it was also pointed out by the Receiver that they had a meeting with the Secretary. Mr. Vikramajit Banerjee, Additional Solicitor General of India, to obtain instructions to release an amount of Rs. 500 Crores by way of loan under the scheme of the Government of India to revive such projects so that work may start and then on completion, the money is generated and repaid.

It has also been pointed out that the buyers should know the existing dues of the Noida/Greater Noida Authorities, to obtain instructions as to how much should be the interest component as to the outstanding lease premium the defaulted amount as ultimately the liability is to be passed on to the home buyers and the money is to be realized from the home buyers accordingly the valuation was worked out by the erstwhile builders and obtain instructions in respect of the rate of interest to be charged and the compounding to be made. Considering the rate of interest which has gone down in the present situation, an imbroglio has been created by divergence of funds and the findings recorded as to the conduct of the Noida/Greater Noida Authority.

The court, with respect to the banks and with respect to a proposal by the Receiver, requested Mr. Vikramajit Banerjee, ASG, since he is appearing for SBI CAP as well as requested him to obtain instructions from RBI to give relaxation in norms for the financing of the projects and to release the loan amount to the home buyers, in the peculiar factual situation of the case.

The Supreme Court of India directed the Debt Recovery Tribunal (DRT) to transmit the rent which they have received from property that has been attached to the Amrapali Account maintained by the Registry of this Court.

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