IRP takes control of Amrapali Silicon City in Noida

IRP has roped in legal team, real estate expert and financial professional so that he can prepare his resolution report in the next six months.

The national company law tribunal appointed interim resolution professional Rajesh Samson of Deloitte, a multinational company, on Wednesday to take over the control of Amrapali Silicon City housing project located in sector 76.

Amrapali Silicon City. (Sunil Ghosh/HT PHOTO)

The interim resolution professional (IRP) also met a delegation of homebuyers and the Amrapali Group director Shiv Priya. IRP assured homebuyers that he will try his best to revive the project and protect their interests.

The NCLT on Monday accepted Bank of Baroda’s insolvency plea against Amrapali Silicon City in Sector 76, Noida. The bank initiated the process for an outstanding amount of ₹56 crore thereby triggering panic among homebuyers.

“IRP collected details of flats, debt, maintenance work and existing buyers, etc from the Amrapali Group. Now all buyers, banks and the Noida authority including other stakeholders will communicate with him for any transaction. He asked the buyers that if they want to continue to enjoy maintenance then they should pay the charges on time,” a source said.

IRP asked the buyers that they can communicate with him through email for any queries.

IRP has roped in legal team, real estate expert and financial professional so that he can prepare his resolution report in the next six months.

“He answered some of our questions and assured to reply other queries once he got all details from the Amrapali Group about accounts and other financial details,” said PK Gupta, a buyer in Silicon City.

Around 1,000 homebuyers have been living in the Silicon City apartment complex, which is yet to be completed and got occupancy certificate from the Noida authority. Without occupancy certificate living in a housing project is illegal. Now IRP will look after the maintenance of this project such as water supply, lifts, fire safety, electricity supply and security among other services.

The Silicon City project is spread over 1,76,758 square metres and has around 5,000 flats, which were supposed to be completed by 2013 end. But the builder is yet to complete civil work on seven towers. It has completed civil work on 21 towers and around 1,000 buyers have moved into unfinished flats.

On August 31, a three-member panel of UP ministers with an aim to give Amrapali buyers relief came up with a plan that homebuyers need not pay remaining flat cost until the housing project is ready for possession. But now that relief given by the ministers will not work for the Silicon City because instead of Amrapali now IRP has the control of the project. The confederation of real estate developers association of India (CREDAI), which promised the ministerial panel to help Amrapali finish stuck projects said that they will also work with IRP and try to revive sick housing projects in order to help buyers.

The Noida authority owes around Rs 500 crore to the Amrapali Silicon City.

“Of course, we will also talk to the IRP in need on Silicon City project,” said Amit Mohan Prasad, chief executive officer of the Noida authority.