NEW DELHI: After Jaypee Infratech, the process of corporate insolvency resolution under the insolvency and bankruptcy code is likely to be initiated against three Amrapali group companies -Noida’s Silicon City and Greater Noida-based Ultra Home Construction and Amrapali Infrastructure -on the plea of Bank of Baroda.
A bank official said the National Company Law Tribunal‘s principal bench had reserved its verdict on the issue and may pronounce it any day now. The move will affect around 1,000 home buyers. A company source said Amrapali has prioritised delivery to Silicon City buyers. The Amrapali official, who refused to be quoted, said in all the three companies, the bank had outstanding amounts of much more than Rs 1,00,000, the mi…
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