The Noida authority and the homebuyers of Amrapali Silicon City may challenge the order of the National Company Law Tribunal (NCLT) of initiating insolvency proceedings against the fund-starved builder in the Supreme Court.
The NCLT on Monday accepted Bank of Barodas insolvency plea against Amrapali Silicon City in Sector 76, Noida. The bank initiated the process for an outstanding amount of Rs 56 crore.
The move caused panic among homebuyers as according to them their investment will not be protected under insolvency and bankruptcy code because NCLT gives preference to financial creditors (banks) before buyers.
We are discussing the issue with our lawyers and other homebuyers to decide future course of action. We will take all necessary l…
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