processed to declare Amrapali bankruptcy started, affecting 40 thousand home buyers
National Company Law Tribunal (NCLT) has cleared the application for starting the process of declaring bankruptcy against Amrapali Group Ultra Homes. It may have a bearing on many of the group’s projects. Apart from this, it will have an impact on the projects related to other group companies. Sanjay Gupta has been appointed as Insolvency Resolutions Professional (IRP).More than 40 thousand home buyers are likely to have an impact on this.
The process has started against Amrapali Infrastructure
Earlier, the National Company Law Tribunal (NCLT) has approved the application for declaring bankruptcy against Amrapali Infrastructure. The petition was filed by the Bank of Baroda.Amrapali Infrastructure had defaulted on a loan of Rs. 97.30 crores of Bank of Baroda.
JP Infra also wants to be bankrupt
Like Amrapali, JP Infra is also engaged in trying to be declared as bankrupt. However, the Supreme Court’s strong stand against it remains intact. The court has ordered the company to deposit Rs 2000 crore and for this the company has given time till October 27. At the same time, the court has banned all the directors of the company, including the MD of the company, and has said that if necessary, first allow the court to travel abroad. The court took a firm stand on the company and said that if the company drops in the Bay of Bengal then it will be submerged, we are concerned about home buyers. With this, the banks have instructed banks to be soft on those who take a home loan to buy JP’s flats.
FIR has been registered
In the first week of September alone, investors registered a FIR in Bisarakh police station of Greater Noida against Amrapali Builders. These cases have been registered against the builders under the scams of forgery and fraud. Amrapali Group’s CMD Anil Sharma, Director Mohit Gupta, and Shiv Deva are lodged against FIRs.
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