Supreme Court Receiver Yet To Get Enough Cash To Hand Over 10 Of The 17 Amrapali Projects: NBCC

New Delhi: While the Supreme Court has handed over 7 of the stuck Amrapali projects to NBCC Ltd for completion, the Supreme Court receiver does not have enough cash right now to give the remaining 10 projects of the embattled realty firm to the state run company for construction.

The receiver had sufficient money for the 7 projects and hence the court has given permission to NBCC to invite tenders for only these seven projects so far. The government company has awarded construction work for three of the seven and is hopeful that work on the all these seven projects will start soon.

“These 7 projects, Supreme Court has sufficient cash to start the project. And the projects are being permitted when the cash is available, subject to availability of cash only. That is why, Supreme court receiver has not permitted all projects, they will permit it later,” said P K Gupta, Chairman & Managing Director, NBCC in reply to an investor query recently.

The state run company is first doing project management consultancy (PMC) for the Amrapali projects. 

“First of all, NBCC is doing PMC and the MSTC is auctioning the property of Amrapali. So as and when the fund is being ascertained, the court receiver allows us do the tendering part. So far they have allowed up to Rs 700 crore and we have awarded too and we are in the process of awarding few more and the tendering is going on as per the advice or instructions of the court receiver,” Neelesh Kumar Shah, Director Projects, NBCC in reply to a related investor query. 

“Out of total 16- 17 projects, they (Supreme Court receiver) have given us permission to invite tender for 7 projects. We have already invited tender for 7 projects, 3 projects we have already awarded the work and work will start soon on all the 7 projects,” Shah added. 

The seven projects that have been handed over to the government company for completion are Sapphire-I and II (Noida Sector 45), Silicon City-I and II (Noida Sector 76), Centurion Park (Greater Noida Sector Techzone-4), Princely Estate (Noida Sector 76) and Zodiac (Noida Sector 120).

Work has already been started on Sapphire-I project by NBCC. Only installation of lifts and some paint work was required to be completed by NBCC in this project. NBCC has also awarded construction work for Zodiac and Sapphire-II projects. 

The Supreme Court had last month constituted a committee for quick disposal of assets in an auction of Amrapali Group to get funds for incomplete projects.

The Supreme Court had last year directed NBCC to complete the projects of Amrapali Group which was  not only mired in controversies but had also delayed the completion of a number of projects after taking money from the homebuyers. The CMD of Amrapali Group Anil Sharma and two other directors- Ajay Kumar and Shiv Priya are under arrest for financial irregularities and misappropriation of funds received from home buyers.