Noida Authority submits claim for Rs 650 crore dues on Amrapali Group

Noida Authority on Tuesday submitted its claim for Rs 650 crore land dues against Amrapali Silicon City with the insolvency resolution professional.

The National Company Law Tribunal (NCLT) early this month ordered initiation of insolvency proceedings against Amrapali's Silicon City on a plea by Bank of Baroda. Bank of Baroda had initiated the insolvency process for an outstanding amount of Rs 56 crore.

NCLT has appointed Rajesh Samson of Deloitte as the insolvency resolution professional (IRP) in the case.IRP will get 270 days to turn around the company, failing which, the assets of the firm will go for liquidation.

“We have submitted our claims on dues pending with Amrapali Silicon City project with the IRP,“ confirmed Atal Kumar Rai, additional chief executive officer, Noida Authority, without commenting on the exact amount. Sources say the total dues will come to around Rs 650 crore.

Home buyers were asked to file their respective claims before the IRP by September 19. The Silicon City project has around 5,000 flats, which were supposed to be completed by 2013-end.However, the builder has delivered about 1,500 flats so far.

Amrapali home buyers are planning to move apex court against the NCLT order, demanding them to be termed 'secured creditors' under the Insolvency and Bankruptcy Code. They are also demanding to be allowed to approach consumer courts against the builder and its promoters. Two other companies of Amrapali in Greater Noida -Ultra Home Construction and Amrapali Infrastructure -are facing a similar prospect of insolvency.