Amrapali May Get Relief From Puravankara And Godrej Properties

Amrapali May Get Relief From Puravankara And Godrej Properties

Amrapali investors have approached courts and have filed legal cases protesting against the builders who have put in their investment in stake.

Six companies including Godrej Properties and Puravankara have expressed their interest in providing solution to debt-ridden firm Amrapali.

Many home buyers money have got trapped in Amrapali projects because delay in project completion. Investors have started approaching courts seeking intervention.
Earlier this September, NCLT (National Company Law Tribunal) had confessed receiving petition against Amrapali Silicon City from Bank of Baroda for a loan default. NCLT has appointed an expert for carrying out trial under IBC (Insolvency and Bankruptcy Code) for this development.

The developer Amrapali is building up two residential town ships in Sector 76 , Noida spread in 43 acres of land named Amrapali Silicon City and Amrapali Crystal Homes.

In the month October 2017, the expert (Interim Resolution Professional) set up by NCLT had put up a call for seeking resolution plans for the Corporate Insolvency Resolution Process. This call invites Investors, Lenders and any other individual to come forward and provide the resolution plans to them as per the 2016 Insolvency and Bankruptcy code. Access to all information shall be provided to the applicants regarding the project and developments by the interim resolution professional (IRP).

Recently a meeting got held among the committee of creditors and it was conveyed that a minimum of 6-7 eligible companies have shown their interest in providing resolution.

Asset Reconstruction Company (ARCIL), Puravankara Limited and Godrej Properties are some of the companies who have shown interest in this venture as per the known sources. Spokesperson from Godrej Properties and Puravankara declined to comment on this market speculation at this moment.

Noida Authority senior official also informed the media that around 6-7 companies have conveyed their interest for providing solution.

Amrapali Silicon City has defaulted a loan of Rs. 55 Cr taken from Bank of Baroda. Total liabilities of Amrapali group is around 3000 Cr, it owes more than 1000 Cr to near about 10 banks, while another 3000cr is required to complete their ongoing projects. Out of 11000 units launched in Noida, Amrapali has delivered 8500 units and 2500 are still pending hand over.

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