NEW DELHI: The National Company Law Tribunal on Monday ordered the initiation of insolvency proceedings against fund starved Amrapali’s Sillicon City on a plea from Bank of Baroda and appointed Rajesh Samson of Deloitte as the Insolvency Resolution Professional to take control of the entity controlled by Anil Sharma.
Amrapali is the second major real estate company whose project in Noida is facing insolvency action after Jaypee Infratech, a case which is being heard by the Supreme Court. A group of buyers in Sillicon City had opposed the insolvency proceedings and may move the Supreme Court.
The law requires the insolvency professional take charge of the management and then work with the lenders to either find a new owner or…
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