ORDER I.A. NO.49702/2020 Heard Mr. Harish Salve, learned senior counsel. 2. It is stated that most of the questions have been ironed out. The SBI CAP is working on the funding of the project. Mr. Salve, learned senior counsel appearing on behalf of SBI CAP has prayed for some time to finalise. 3. The matter be listed about funding of the project on 04.08.2020. I.A. Nos. 59415 of 2020 and 59400 of 2020 4. Considered the prayer made by Mr. Tushar Mehta, learned Solicitor General of India, appearing for Greater Noida Authority and Mr. Mukul Rohtagi, learned senior counsel, appearing for the Noida Authority. 5. It was submitted that the order dated 09.06.2020 passed with respect to 8% interest be made prospective. It was also pointed out that the Government has specified the rate at the SBI Lending Rate, to be paid. As per that, the dues to be paid comes to 8.5%. 6. After hearing learned counsel for the parties, we are of the opinion that SBI MCLR Rates to be applied uniformly to all the lease holders. Their past dues as well as arrears to be worked out accordingly. In case any adjustment is to be made, let the adjustment be made accordingly and the current dues also to be worked out at the SBI MCLR Rates. Future dues be also worked out at the SBI MCLR Rates, which may be fixed. Remaining order is not modified. The only modification made is about the rate of interest. 7. It is clarified that SBI MCLR rate to be applied with effect from 1.1.2010 and previous dues to be paid as per the rate, as provided in the agreement. 8. The Noida and Greater Noida Authorities to work out the dues within one month. 25% of the amount of the dues shall be deposited within 3 months and the remaining amount within one year from today, failing which concessional rate shall stand withdrawn. The applications are accordingly disposed of. I.A. No.60675/2020 & 60708/2020, 60759/2020 & 60750/2020 9. Learned counsel appearing for the applicant(s) seeks leave to withdraw these applications with liberty to approach the concerned authorities as well as to file appropriate proceedings before an appropriate forum. 10. These applications are dismissed as withdrawn with the liberty sought for. ---------------------- IN RE : PAYMENT OF DUES TO THE SECURITY AGENCY 11. Considered the prayer made by the learned Receiver. 12. 10. These applications are dismissed as withdrawn with the liberty sought for. ---------------------- IN RE : PAYMENT OF DUES TO THE SECURITY AGENCY 11. Considered the prayer made by the learned Receiver. 12. At Pre-cast factory, DRT has engaged a security agency. The learned Receiver has sought the permission to ascertain the due payment for the work done by the security agency, after necessary verification. Let the learned Receiver verify the dues of the Security Agency and to make requisite payment. IN RE: FINANCING BY THE BANK 13. With reference to the financing by the Banks, our attention has been drawn to the orders dated 10.06.2020 and 18/06/2020 regarding disbursal of loan by the learned Receiver. He has sent several mails to the concerned banks but they have not responded so far. The issue of disbursal of loans, restructuring of the loan, the EMI liability etc. has to be undertaken, pursuant to the orders passed by this Court. The matter concerning subvention loan agreement must also be addressed by the banks without further delay. A request has been made by the learned Receiver to direct the CMDs of all the banks concerned to attend to the issue and issue appropriate directions for disbursal of the loan and restructuring in terms of the orders passed by this Court on time bound basis. 14. Prayer made by the learned Receiver is reasonable. Let the CMDs of the concerned Banks do the needful and issue appropriate directions to the concerned Banks in the spirit of the aforesaid two orders which have been passed by this Court. Banks also to consider the application for grant of fresh loans and loan disbursal will not be confined only to the discontinued loans, it is also made clear. 15. It was stated by learned counsel appearing on behalf of Indian Overseas Bank, SBI and HDFC Ltd., that they are working on complying with orders within 10 days. The statement is placed on record. ----------- IN RE: HOME BUYERS OBLIGATION TO PAY 16. It is submitted that the home buyers are required to pay the dues. Since the NBCC has commenced the award of tenders for all the projects except Heart Beat City-1 and 2 and Tech-park, tenders to be awarded. NBCC has prepared a project execution schedule for each project, fund flow requirement and also corresponding home buyer’s payment schedules. It is submitted that the home buyers are required to pay the dues. Since the NBCC has commenced the award of tenders for all the projects except Heart Beat City-1 and 2 and Tech-park, tenders to be awarded. NBCC has prepared a project execution schedule for each project, fund flow requirement and also corresponding home buyer’s payment schedules. The statement so prepared by NBCC has been considered to be reasonable to begin with. As such, prayer has been made by the learned Receiver to direct all the home buyers to make the payment in accordance with the fund flow requirement of the NBCC. 17. We have heard Mr. M.L. Lahoty, learned counsel, on this aspect. He has expressed no reservation to make the payment in terms of the requirement of the NBCC. However, he has prayed that the schedule may be made available to the home buyers so as to fulfill their obligation. For making available the schedule of work, there is no objection on the part of the NBCC or by the learned Receiver. The home buyers shall be informed of the schedule and requisite payment shall be made by the home buyers, as may be specified by the learned Receiver. However, question of interest is left open at this stage, to be decided later on. ---------------------- IN RE: HANDING OVER OF AMRAPALI TOWER NO.3, SECTOR 62, NOIDA 18. It has been stated by the learned Receiver that possession of Amrapali Tower No.3, Sector 62, Noida has been handed over to auction purchaser. The learned Receiver is given liberty to make the payment to the agency involved in shifting. As per the requisition made by the learned Receiver, the Registrar concerned of this Court is directed to release the payment from the concerned account, on the advise made by the learned Receiver to the concerned agency. -------------------- In Re : Problems created by the Home Buyers in the completion of the project by NBCC 19. It has been pointed out by the learned Receiver that with respect to Amrapali Zodiac Social Welfare Association, there is a problem with respect to allotment of milk booths and Paan Khokhas etc. It may be looked into by the learned Receiver. It has been pointed out by the learned Receiver that with respect to Amrapali Zodiac Social Welfare Association, there is a problem with respect to allotment of milk booths and Paan Khokhas etc. It may be looked into by the learned Receiver. However, it was also pointed out that regular interfernce is being made by the homebuyers so as to complete the particular flat earlier in point of time and the progress of the work is hampered in the process. We restrain all the home buyers not to interfere in the progress of the work in a systematic manner as decided by the NBCC. IN RE: Swapping 20. With respect to swapping and refund, the relevant data may be collected and be placed before this Court by the learned Receiver within one month. -------------------- IN RE: RESERVE FUND 21. A request has been made by the learned Receiver to work out from the Ministry of Finance, Government of India, to create a Reserve Fund or to give guarantee to NBCC. We request the learned Receiver to have a discussion with the Secretary, Finance as well as the concerned authorities of the Finance Department. Let the Finance Department, as far as possible, work out the feasibility of the same and modalities, if possible, and it be placed before this Court. -------------------- IN RE: Deposit by J. P. Morgan 22. As ordered by this Court, a sum of Rs.140 Crores has been deposited and a sum of Rs. 47 crores is stated to be deposited today. Statement is placed on record. Office to verify and place a report in this regard. -------------------- I.A.No. 60324 of 2020 Investigation of FIRs by Enforcement Directorate 23. Considered the application. 24. It has been pointed out that there are several FIRs registered in several jurisdictional police stations. A direction has been sought whether the concerned jurisdictional police should investigate or Economic Offences Wing (EoW). 25. We direct all the concerned jurisdictional police stations to forward the FIRs to the Economic Offences Wing (EoW). We request the Economic Offences Wing to investigate all the cases, as it would be appropriate that all the cases are investigated by one agency. The application is disposed of accordingly. -------------------- IN RE: STATUS REPORT FILED ON BEHALF OF ECONOMIC OFFENCES WING. 26. We have perused the Status Report filed by EoW as per this Court’s order dated 18.06.2020. 27. The application is disposed of accordingly. -------------------- IN RE: STATUS REPORT FILED ON BEHALF OF ECONOMIC OFFENCES WING. 26. We have perused the Status Report filed by EoW as per this Court’s order dated 18.06.2020. 27. Let further investigation report be submitted. -------------------- I.A.No. 50211 of 2020 – Financing by Dewan Housing Finance Ltd. 28. Considered the I.A. 29. It is submitted that in spite of CIRP proceedings, they are ready to finance 311 home buyers. However, with respect to 89 cases of home buyers, there are certain complications which have to be worked out so as to find out whether it is possible to finance those 89 home buyers. Time is prayed for that purpose. 30. List in the last week of August, 2020. -------------------- Miscellaneous 31. As requested, a copy of the Forensic Audit Report of Heart Beat City be supplied by Mr. M. L. Lahoty, learned counsel, to Mr. Dhruv Mehta, learned senior counsel. 32. As requested, affidavit filed on behalf of Noida be also furnished to Mr. Dhruv Mehta, learned senior counsel. -------------------- 33. The order dated 18.06.2020 is corrected to the extent that Rs. 25,00,000/ which was directed to be paid to the learned Receiver towards office expenses, be paid from the IndusInd Bank (A/c. No.201002234299 M/s. Amrapali Hospitality Services Private Ltd.), instead of UCO Bank. -------------------- 34. List only the applications pertaining to Surekha Family [I.A.Nos. 127787/2019, 127793/2019, 189314/2019, 60700/2020], Mahagun [I.A. No. 1023/20202, 50370/2020] and Heart Beat City [W.P.(C) Nos. 160/2018 and 288/2018] on 22.07.2020.