The insolvency petition filed by Bank of Baroda against Amrapali Ultra Home in National Company Law Tribunal (NCLT) Delhi was admitted on Wednesday. The insolvency petition was filed under the Insolvency and Bankruptcy Code.
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 revive the company, but if he fails to do so then, the assets of the company will go into liquidation.
The Amrapali group has defaulted on loan amount worth Rs 97.30 crore by the Bank of Baroda. The bank earlier on August 10 approached NCLT to initiate insolvency proceedings against the three companies Amrapali Infrastructure, Silicon city and Ultra Homes.
Soon after admitting the insolvency petition filed by Bank of Baroda the court heard it on the same day, but the court had reserved its order and pronounced it on Wednesday against the Amrapali Ultra homes.Bishwajit Dubey, partner, Cyril Amarchand Mangaldas had appeared for the Bank of Baroda in the case.
In Amrapali Ultra Homes, the Bank of Baroda has loaned an amount of Rs 34 crore in principal.The company also has other lenders such as Oriental Bank of Commerce and the Bank of Maharashtra. Banks had lent an amount of Rs 300 crore in principal to the Amrapali group out of which it has returned Rs 305 crore so far and still owes Rs 156 crore.