NOIDA: Several private investors have shown interest in completing apartments at Amrapali's Silicon City, which is facing insolvency proceedings, a senior Noida officer said on Thursday.
While no formal disclosure has been made about the companies, sources said Puravankara, Arcil, Phoenix ARC, Godrej, Kalpataru, ATS, Eldeco and Garden City are among names that are in the fray. A formal announcement is expected after committee of creditors (COC) in the insolvency resolution process meets next.
"Many companies have made queries and expressed interest in the project but no formal proposal has been made. We expect things to firm up by the next meeting when we can announce," Noida's controller of finances Manmohan Mishra, who is also part of the COC, said on Thursday.
The Sector 76 project has been facing an insolvency resolution after the Allahabad bench of the National Company Law Tribunal (NCLT) admitted a plea against it.
The order was given on September 4 and the resolution is expected within 180 days. The law permits an extension of 90 days beyond these 180 days. Rajesh Samson from Deloitte has been appointed insolvency resolution officer.
The COC also includes three banks — Bank of Baroda, Oriental Bank of Commerce and Bank of Maharashtra — and held a meeting on Wednesday.
According to the Amrapali management, the financial liability of Silicon City stands at Rs 58 crore each to Bank of Baroda, Oriental Bank of Commerce and Bank of Maharashtra. It woes Noida Rs 600 crore as land cost.
Silicon City, launched in 2010, has 4,712 apartments, which were planned over four phases. According to Shiv Priya, executive director of the company, 2,500 apartments in Phase 1 have been handed over. The remaining aparments in phases 2, 3 and 4 are partially complete. Silicon City also has a 10-acre unutilized area.
Commenting on the resolution process, Samson said, "The resolution is being executed steadily and a solution will firm up in stipulated time."
While no formal disclosure has been made about the companies, sources said Puravankara, Arcil, Phoenix ARC, Godrej, Kalpataru, ATS, Eldeco and Garden City are among names that are in the fray. A formal announcement is expected after committee of creditors (COC) in the insolvency resolution process meets next.
"Many companies have made queries and expressed interest in the project but no formal proposal has been made. We expect things to firm up by the next meeting when we can announce," Noida's controller of finances Manmohan Mishra, who is also part of the COC, said on Thursday.
The Sector 76 project has been facing an insolvency resolution after the Allahabad bench of the National Company Law Tribunal (NCLT) admitted a plea against it.
The order was given on September 4 and the resolution is expected within 180 days. The law permits an extension of 90 days beyond these 180 days. Rajesh Samson from Deloitte has been appointed insolvency resolution officer.
The COC also includes three banks — Bank of Baroda, Oriental Bank of Commerce and Bank of Maharashtra — and held a meeting on Wednesday.
According to the Amrapali management, the financial liability of Silicon City stands at Rs 58 crore each to Bank of Baroda, Oriental Bank of Commerce and Bank of Maharashtra. It woes Noida Rs 600 crore as land cost.
Silicon City, launched in 2010, has 4,712 apartments, which were planned over four phases. According to Shiv Priya, executive director of the company, 2,500 apartments in Phase 1 have been handed over. The remaining aparments in phases 2, 3 and 4 are partially complete. Silicon City also has a 10-acre unutilized area.
Commenting on the resolution process, Samson said, "The resolution is being executed steadily and a solution will firm up in stipulated time."
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