In Brief
The Supreme Court disposed of six interlocutory applications arising from the Amrapali Group real estate scandal. It permitted the Court Receiver to sell Floor Area Ratio (FAR) rights to complete stalled housing projects and recover dues, as FAR value arose from homebuyers' investments. NBCC (Project Management Consultant) was granted immunity from being sued in other courts while performing court-supervised work. Interest charged by Noida and Greater Noida Authorities on outstanding dues was reduced from 15% per annum to 8% per annum, reflecting prevailing market rates. Banks were directed to disburse home loans to homebuyers notwithstanding NPA status. A claim to delete an entity from forensic auditors' report as a debtor was rejected due to evidence of dubious transactions. Royal Golf Link City Projects' plea to waive 12% interest was dismissed as unjust enrichment.
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