NEW DELHI: The principal bench of National Company Law Tribunal (NCLT) in Delhi on Monday admitted an insolvency petition against Amrapali Infrastructure filed by Bank of Baroda.
The builder has defaulted on an outstanding loan amount worth Rs 97.30 crore by Bank of Baroda. The NCLT will now appoint an insolvency resolution professional (IRP) for the case, who will get 270 days to turn around the company, failing which, the assets of the firm will go for liquidation.
Bank of Baroda had on August 10 moved NCLT to start an insolvency proceedings against Amrapali Infrastructure under the Insolvency and Bankruptcy Code. The case was heard on the same day, but the court had reserved its order, and pronounced it today.
Bishwajit Dubey, …
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