NCLT initiates insolvency proceedings against Amrapali Infrastructure

NCLT initiates insolvency proceedings against Amrapali Infrastructure
26/09/2017 , by , in News/Views

The principal bench of National Company Law Tribunal (NCLT) in Delhi on Monday admitted an insolvency petition against Amrapali Infrastructure filed by Bank of Baroda.

The builder has defaulted on an outstanding loan amount worth Rs 97.30 crore by Bank of Baroda. The NCLT will now appoint an insolvency resolution professional (IRP) for the case, who will get 270 days to turn around the company, failing which, the assets of the firm will go for liquidation.

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