SC discharges IRP of Amrapali Zodiac and Silicon City

SC discharges IRP of Amrapali Zodiac and Silicon City
09/08/2018 , by , in News/Views

The Supreme Court (SC) of India today discharged the interim resolution professional (IRP) of both Amrapali Zodiac and Amrapali Silicon City. In both the projects insolvency proceedings were pending.

The Amrapali Silicon City is situated in Sector 76, Noida and has about 5,000 flats, which were supposed to be completed by 2013. The Amrapali Zodiac is situated in Sector 120 and has about 2,230 apartments.

In September 2017, Bank of Baroda (BoB) filed insolvency case against Amrapali Silicon City, part of Amrapali Group. According to BoB, the company had defaulted on a loan of Rs 55 crore. Rajesh Samson of Deloitte was appointed as the IRP for the matter by NCLT.

During the same month, Siddhi Interiors also filed an insolvency case against Amrapali Zodiac Developers, another company of Amrapali Group. According to Siddhi Interiors, the company had defaulted on the payment of Rs 4.19 crore. Anil Kumar was appointed as the IRP for the matter by NCLT.

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