The Supreme Court was informed on Monday that a consortium of seven banks has released Rs 280 crore to Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) for completion of the incomplete projects even as cricketer MS Dhoni, who was the brand ambassador of real estate group, moved the top court seeking direction in the ongoing arbitral proceedings.
A bench of Justices UU Lalit and Bela M Trivedi took note of the submission of advocate Alok Kumar, appearing for the consortium of banks, that Rs 280 crore will be released to ASPIRE, from where it will be used for funding of the incomplete projects. He said that the court must ensure that funds that are being put by the consortium of banks in ASPIRE are utilised for the projects for which it is meant and not used for any other purpose.
