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Another Amrapali company under insolvency process – Economic Times

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…

Read the full article at: https://economictimes.indiatimes.com/industry/indl-goods/svs/construction/another-amrapali-company-under-insolvency-process/articleshow/60967197.cms

Category: BankruptcyBy Insolvency GuardianOctober 14, 2017

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Another Amrapali company under insolvency process – Economic Times

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…

Read the full article at: http://economictimes.indiatimes.com/industry/indl-goods/svs/construction/another-amrapali-company-under-insolvency-process/articleshow/60967197.cms

Category: BankruptcyBy Insolvency GuardianOctober 6, 2017

Post navigation

PreviousPrevious post:We will look for ways to exit or restructure stressed businesses: Ajoy Misra, Tata Global Beverages – Economic TimesNextNext post:NCLT to hear Ericsson India’s insolvency petition against RCom – Business Standard

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May 30, 2025
SC refuses stay on embattled edtech startup Byju’s insolvency case
May 30, 2025
Northern Irish offsite firm enters administration
May 30, 2025
Subpoenas issued after Builder.ai declares insolvency
May 30, 2025
Delaware Law Alert: Court of Chancery Orders Specific Performance in Acquisition of a Company Approaching Insolvency | Insights
May 30, 2025
Supreme Court to Review Byju’s Insolvency Settlement Case Against BCCI, ET LegalWorld
May 30, 2025
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