 "A branch of Bank of Baroda. Photo: Wikipedia")
National Company Law Tribunal (NCLT) has admitted an insolvency petition against Amrapali’s Silicon City project in Noida. The petition was filed by Bank of Baroda (BoB) at the principal bench of NCLT in Delhi.
In this project alone, the realtor has an outstanding due of Rs 56 crore as the principal amount only to BoB. Other lenders to the realtor are Oriental Bank of Commerce (OBC) and Bank of Maharashtra (BoM).
In total, the realtor has to pay back Rs 156 crore to the banks for the project. Over and above this, it owes Noida Authority Rs 550 crore. JP Morgan
