Allow banks to release sanctioned loans to Amrapali homebuyers: SC to RBI

In a relief to Amrapali homebuyers, the Supreme Court on Wednesday directed Reserve Bank of India (RBI) to allow banks to release sanctioned loans to home buyers notwithstanding their account being non-performing assets (NPAs).

A bench headed by Justice Arun Mishra issued the directions after observing that the construction of the housing projects had come to a standstill due to lack of funds.

Advocate ML Lahoty, the lawyer of the homebuyers, said that this direction will also generate substantial funds and expedite completion of projects by the National Buildings Construction Corporation (NBCC).

Construction of Amrapali's stalled projects is being handled