NEW DELHI: The Supreme Court on Tuesday asked SBI Capital (SBI CAP) to begin funding for six housing projects of the Amrapali Group , after it informed the top court that so far, it has found only these six to be viable.A bench of Justices Arun Mishra and U.U. Lalit directed SBI CAP to begin funding for six projects, after the financial institution, which manages the stressed asset fund for stuck realty projects, informed the top court that it cannot fund all the projects.Senior advocate Harish Salve, appearing for SBI CAP, contended before the bench that SBI Cap had a detailed meeting with the court-appointed receiver and his committee, and they agreed, in principle, to finance the Amrapali projects. The court receiver opposed the stand taken by SBI CAP that it is only financing Rs 625 crore, for which the security of unsold inventory is being given, which is sufficient. Counsel representing the Noida and Greater Noida authorities informed the court that the contract provided for interest to be levied and accordingly, they have calculated the dues.The top court clarified that simple interest may be levied while calculating the dues.Mahagun also filed an application seeking 8 months' time to deposit the dues for the land sought to be purchased by it. The top court has listed the application on next hearing, and apart from SBI Caps and Mahagun, all the other issues will be taken up for hearing on September 7.

Source: Economic Times August 26, 2020 04:19 UTC