Ready to fund stalled projects of Amrapali Group: SBICAP to Supreme Court

A bench of Justices Arun Mishra and U U Lalit was told by counsel appearing for SBICAP Ventures that it would apprise the court about its concrete proposal by next week

In a relief to hassled home buyers of now defunct Amrapali Group, the SBICAP Ventures, which manages the government sponsored stress fund for the real estate sector told the Supreme Court on Wednesday that it was ready to fund the stalled projects of embattled real estate firm.

The SBICAP Ventures told the top court that it would create a Special Purpose Vehicle (SPV) with court receiver on board and would appoint a Chief Executive Officer (CEO) to take over the construction of seven stalled projects.

It said that National Buildings Construction Corporation (NBCC) which is currently constructing the stalled projects of Amrapali