New Delhi, Dec 7 (PTI) Puravankara and Godrej Propertiesare among at least six companies that have expressed interestin submitting resolution plan for Amrapali Silicon City, agroup firm of debt-ridden realty firm Amrapali.
Investments of thousands of home buyers are stuck due tohuge delays by Amrapali group in completion of projects,forcing them to protest and file legal cases in courts.
In September, the National Company Law Tribunal (NCLT)had admitted a petition of Bank of Baroda against AmrapaliSilicon City over a loan default. An interim resolutionprofessional (IRP) was appointed to carry out the proceedingsunder the Insolvency and Bankruptcy Code (IBC).
Amrapali Silicon City is developing a residential projectAmrapali Silicon City and Amrapali Crystal Homes in Sector 76,Noida spread across 43.7 acre of land.
In October, the IRP had invited resolution plans for theCorporate Insolvency Resolution Process.
"The prospective lenders, investors and any other personare hereby invited to put forward resolution plan to theResolution Professional for consideration as per theInsolvency and Bankruptcy Code 2016," the notice said.
The IRP would provide to all resolution applicants accessto the information memorandum.
A meeting of committee of creditors was held recently andit was informed that atleast 6-7 companies have shown interestin resolution plan, sources said.
Bengaluru-based Puravankara, Mumbai-based GodrejProperties, ARCIL (Asset Reconstruction Company) have showninterest, they added.
Godrej Properties spokesperson said the company does notcomment on market speculations while Puravankara spokespersondeclined to comment.
A senior official in Noida Authority said that about 6-7companies have shown interest in resolution.
Amrapali Silicon City has defaulted on a loan of aroundRs 55 crore taken from Bank of Baroda.
The Amrapali group has liabilities of about Rs 3,000crore towards the authorities and owes over Rs 1,000 crore toabout 10 banks, while it needs about Rs 3,000 crore tocomplete its ongoing projects.
The company had launched 11,000 units in Noida, of which8,500 have been delivered and 2,500 are pending. PTI MJHSBT.
This is unedited, unformatted feed from the Press Trust of India wire.