NEW DELHI: Ultra Homes -an Amrapali Group company -has gone in for insolvency resolution.Bank of Baroda, one of the lenders to the commercial project in Greater Noida, had moved the National Company Law Tribunal to recover its dues.
The principal bench of NCLT, Delhi, issued the order on the lender’s plea.
The tribunal appointed Sanjay Gupta as the insolvency resolution professional (IRP), who will act on behalf of the lenders, and suggest the best possible way to recover the debt, keeping the value of the property intact.
The existing board of the company will remain suspended.
IRP will have to find a solution in 180 days, which is extendable to another 90 days. If it fails to find a solution, the company will go in for bankruptc…
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