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Noida authority files claim for Rs 650 crore land dues from Amrapali Silicon City

The IRP subsequently took over the control of Amrapali Silicon City on September 6, thereby removing Amrapali Group from managing the project.

noida Updated: Sep 20, 2017 08:56 IST
Vinod Rajput
Vinod Rajput
Hindustan Times
Noida authority,Amrapali Group,Amrapali Silicon city housing project
Amrapali Silicon City project in Noida.(HT File)

The Noida authority on Tuesday filed its claim for Rs650 crore land dues on Amrapali Silicon city housing project before the interim resolution professional (IRP) appointed by the national company law tribunal (NCLT).

The NCLT on September 5 had appointed IRP Rajesh Samson of Deloitte, a multinational company to take control of the project. The NCLT had accepted Bank of Baroda’s insolvency plea against Amrapali Silicon City. The bank initiated the process for an outstanding amount of ₹56 crore thereby triggering panic among homebuyers of Amrapali Silicon City housing project located in Sector 76.

The IRP subsequently took over the control of Amrapali Silicon City on September 6, thereby removing Amrapali Group from managing the project.

“The Noida authority has filed a claim for Rs650 crore dues because IRP had asked us for it. The authority had in 2009-10 allotted group housing land to Amrapali Group on leasehold basis. The Amrapali had paid 10 % of the total land cost and it was supposed to clear the remaining 90 % land dues in instalments. But it failed to pay up the land dues,” said Manmohan Mishra, financial controller of the Noida authority.

The IRP has a legal team, real estate expert and financial professional so that he can prepare his resolution report in the next six months. He has already collected details of flat buyers, size of the plot, status of construction at the project and dues of individuals or agencies from the Amrapali Group management. On September 6, IRP first met with Amrapali Group director Shiv Priya and other staff members in Sector 76 before starting the process of filing resolution report.

Read | Amrapali Silicon City buyers may challenge insolvency order in SC

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.

Most of the buyers have filed their respective claims before the IRP as the last date of filing claims was September 19.

Read | Noida: Homebuyers demand audit of Amrapali Silicon City to check diversion of funds

“We filed claims and hope to become member of the committee of creditors so that we can put forth our concerns. The committee of creditors will also suggest ways to IRP as to how the company can be revived. Apart from this, we have decided to file a plea in the Supreme Court demanding protection of our investment,” said Ratnesh Rahul, a buyer of Silicon City housing project.

First Published: Sep 19, 2017 21:55 IST