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Apex Court said says several Indian banks colluded with Amrapali for misappropriation of loans

According to media reports, The Supreme Court on Tuesday said several banks had colluded with Amrapali Developers, one of India’s largest real estate firms, in the misappropriation of loans meant for housing projects.

The Supreme Court criticised the lenders for failing to monitor the end-use of loans to the company, one of several developers in India to hit financial trouble in recent years after a decade-long building boom.

More than 40,000 homebuyers are suing Amrapali in a long-running legal battle over delays to projects, many of which have not yet been started even though customers have made payments.

“The authorities and bankers have violated the doctrine of public trust and their officials, unfortunately, acted in collusion with builders,” a two-judge bench of the Supreme Court said on Tuesday, referring to state development authorities.

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