The IRP will get 270 days to turn around the company, failing which, the assets of the firm will go into liquidation.
In another shock to home buyers, the principal bench of the National Company Law Tribunal (NCLT) in Delhi on Wednesday admitted an insolvency petition against Amrapali Ultra Homes filed by the Bank of Baroda. The NCLT has appointed Sanjay Gupta as the Insolvency Resolution Professional (IRP) to take control of the proceedings.
The IRP will get 270 days to turn around the company, failing which, the assets of the firm will go into liquidation.
The builder has defaulted on an outstanding loan amount worth Rs 97.30 crore by the Bank of Baroda. The bank had on August 10 moved NCLT to start insolvency proceedings against the three companies Amrapali Infrastructure, Silicon city and Ultra Homes under the Insolvency and Bankruptcy Code.
The case was heard on the same day, but the court had reserved its order and pronounced it on Wednesday against Ultra Homes. Bishwajit Dubey, partner, Cyril Amarchand Mangaldas had appeared for the Bank of Baroda in the case.
A company source said Amrapali has prioritised delivery to Ultra Homes buyers. The Amrapali official, who refused to be quoted, said in all the three companies, the bank had outstanding amounts of much more than Rs 1,00,000, the minimum cutoff for initiation of insolvency proceedings. The plea, he said, is therefore likely to be accepted despite the company managements opposing the move.
In Ultra Homes, the Bank of Baroda has an outstanding amount of Rs 34 crore in principal. Other lenders to the company are OBC and the Bank of Maharashtra. Banks had given around Rs 300 crore in principal to the company which has returned Rs 305 crore so far and still owes Rs 156 crore.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "DNA")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}