"This sector will die down if you continue to remain rigid" Justice Arun Mishra to Noida/Greater Noida Authorities in Amrapali case

The Supreme Court today reserved orders in the Amrapali home buyers case on issues of whether surplus Floor Area Ratio (FAR) be sold or returned to Noida/Greater Noida authorities and interests to be realized by these authorities on such projects..During the earlier hearing on May 23, Senior Advocate Sanjay Jain, appearing for the Enforcement Directorate (ED) had called for attachment of JP Morgan's properties."We were directed to investigate affairs of JP Morgan. Rs 187 crores have been found to be proceeds of crime. We need permissions for attaching JP Morgans properties. 187 crore," ED had submitted..Amrapali Home Buyers Case: Supreme Court asks govt to give 500 crore loan to complete projects, orders attachment of JP Morgan properties.Today, it informed the Court that the attachment of properties was complete.However, Senior Advocate Mukul Rohatgi appearing for JP Morgan contested the attachment and said that they had no role to play in the Amrapali projects. Justice Arun Mishra refused to consider the argument..Attachment has already been done. Now the question is should we dismiss your application or notJustice Mishra.The bench also sought to know from SBI CAP on how funding of the projects can be eased.Senior Advocate Harish Salve appearing for SBI CAP stated that he would speak to SBI CAP for releasing funds for construction work to begin..Time is granted to the SBI CAP, as prayed for by Mr. Harish Salve, learned senior counsel, to obtain further instructions with respect to the funding of the projectSupreme Court.Justice UU Lalit also categorically wanted to know from NBCC on funds required for completion of the project..Submit a flow chart on plans for the next 2-3 months. We want to know: How much funds available with you, How much money would you require in next 3 months, and if you need access to more funds & how to raise it. How do you plan to finance your activities for the next couple of months? If there are unsold inventories, it would be ideal if they could be sold off. If needed to sell unsold units, there are two ways.. Either you do it yourself or we ask an agencyJustice Lalit asked Senior Advocate Siddharth Dave appearing for NBCC. .During the hearing Justice Arun Mishra also asked Noida/Greater Noida authorities to be more accommodating with regard to the rate of interest being levied.."This sector will die down if you continue to remain rigid. You have to give some relaxation. Not one project, all projects will fall through," said Justice Mishra..During the last hearing, submissions were based primarily on the list of proposals by the court-appointed receiver on how the projects could be finished soon.One of the key submissions made by the receiver Venkataramani was that the Court must issue directions to SBI CAP to consider relaxing some of its parameters of loan disbursal.."Some of their (SBI) rules about due diligence too needs to be relaxed," submitted the senior lawyer.Further, the Court had also asked the government for a waiver of GST amounting approximately to Rs. 1,000 crore..[READ ORDER]