NCLT admits insolvency plea against Amrapali Silicon City

The National Company Law Tribunal (NCLT) has admitted a petition of Bank of Baroda against Amrapali Silicon City, Amrapali group company, on loan default. The principal bench of the NCLT, headed by Justice M M Kumar, would appoint an interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code. The company has defaulted on a loan of around Rs 55 crore taken from Bank of Baroda.The Amrapali group has liabilities of about Rs 3,000 crore towards the authorities and owes over Rs 1,000 crore to about 10 banks, while it needs about Rs 3,000 crore to complete its ongoing projects. Amrapali Silicon City has only one project in sector 76 Noida, UP, and nearly 1,000 flat buyers would be affected by an NCLT order. It has already given possession to some 2,000 flat buyers.