The Amrapali Silicon City is situated in Sector 76, Noida and has about 5,000 flats, which were supposed to be completed by 2013. The Amrapali Zodiac is situated in Sector 120 and has about 2,230 apartments.
In September 2017, Bank of Baroda (BoB) filed insolvency case against Amrapali Silicon City, part of Amrapali Group. According to BoB, the company had defaulted on a loan of Rs 55 crore. Rajesh Samson of Deloitte was appointed as the IRP for the matter by NCLT.
During the same month, Siddhi Interiors also filed an insolvency case against Amrapali Zodiac Developers, another company of Amrapali Group. According to Siddhi Interiors, the company had defaulted on the payment of Rs 4.19 crore. Anil Kumar was appointed as the IRP for the matter by NCLT.
The SC however, stayed any insolvency proceedings by IRPs while the case was being heard against Amrapali.
"I have not recieved any info regarding the order. We will have to see the order to understand what has been said. However, if and when NBCC takes over, the court has to see which among the directors or IRPs are left in-charge," said Kumar.
A bench of Justices Arun Mishra and UU Lalit also sought details of all the directors of the company from 2008 till present, even those who have resigned.
The SC also asked for the details of unencumbered properties of the company, informed Ashwarya Sinha, the counsel representing homebuyers of Amrapali. The apex court has also asked for the valuation of all immovable assets to be furnished.
During the hearing, counsel of Amrapali informed the court that Rs 4,000 crore is required to complete all the pending projects. About Rs 6,100 crore are due on the company, which comprises of recoverable from buyers and unsold inventory.
Upon SC's query about how the company plans to secure Rs 4,000 crore, the counsel for Amrapali sought time to file an exhaustive compilation along with the affidavit of each director.
The court has also ordered to restore electricity in Amrapali projects.
Recently, Pashchimanchal Vidyut Vitaran Nigam (PVVNL) had cut electricity in Amrapali Zodiac for non-payment of dues worth Rs 2.57 crore. Previously, Uttar Pradesh Power Corporation Limited (UPPCL) had cut power supply of Silicon City, Platinum and Princely Estate projects for non-payment of dues worth Rs 5 crore.
The case will next be heard on Aug 14.