Noida: National Company Law Tribunal (NCLT) on Wednesday approved the application for the process of declaring bankruptcy of Amrapali Group against Ultra Holmes. At the same time, investors say they will knock the Supreme Court against NCLT’s decision.
If the experts are to believe it can affect the other builder’s other projects. Also, this project will have a direct effect on thousands of investors. NCLT has appointed Sanjay Gupta as an Insolvency Resolution Professional (IRP) and the builder has been given 270 days time.
Amrapali Byers Association Chairman Arun Kumar said that as the process of declaring Amrapali Ultra Homes as Bankrupt by NCLT has started, the project can affect the work of other projects of Amrapali, along with about 8 thousand investors. Investors will file a petition in the Supreme Court against this decision. He said that different builders are constantly conspiring to declare themselves bankrupt, because they can digest the money of the investors, but we will not allow this to happen and will fight against the builder.
Before this, before this, in September, before NCLT hearing the petition of Bank of Baroda, in September, it had approved the application for declaring bankruptcy against Amrapali Infrastructure. The bank had defaulted on Amrapali Infrastructure at a loan amount of Rs 97.30 crores. The bank had filed a petition in the NCLT on August 10.