NCLT begins insolvency proceedings against Amrapali Infrastructure
According to a ET Realty report, bank had moved the NCLT on August 10, while court pronounced its order only today.
Moneycontrol News
Bank of Baroda, lender to Amrapali Infrastructure, has filed a petition of insolvency against the developer with National Company Law Tribunal (NCLT). The tribunal has admitted the plea.
According to a ET Realty report, bank had moved the NCLT on August 10, while court pronounced its order only today.
Amrapali Infrscturacture owes Rs 97.30 crore to the bank.
The company is an infrastructure company that deals with the leasing of equipment, particularly hollow core slabs and column beams for affordable housing projects. It has a factory in the Greater Noida region.
The NCLT will now appoint an insolvency resolution professional (IRP), who will have 270 days to get the company back into shape before the assets of the company get liquidated. Rajesh Samson of Deloitte is the IRP.
Director of the Amrapali group Shiv Priya looks to resolve the matter within 3-5 months after the appointment of IRP. The company had earlier, applied for the restructuring of the company's loans with the bank requested for more time for payment of dues.
Priya also informed that Amrapali Infrastructure invested around Rs 500 crore in the Greater Noida factory.
Tata Capital Financial Services and Magma Fincorp also sought to move the courts against Amrapali Infrastructure as they claim to be creditors to the company on a financial level.They will now have to file their claims against the IRP.
The NCLT has earlier ordered an initiation of insolvency proceedings against Silicon City, another Amrapali group company, on a plea by Bank of Baroda. They owed Rs 56 crore to the bank.
