Over 100 Amrapali home buyers move SC challenging insolvency proceedings

After Jaypee Infratech, this is the second instance when home buyers have approached the Supreme Court challenging the insolvency proceedings.The petition challenging insolvency proceedings against Amrapali Silicon City is filed by 100 homebuyers. Amrapali Silicon City is a project located in Sector 76, Noida. The Silicon City project is spread over 43 acres and has around 5,000 flats, which were supposed to be completed by 2013 end. But the developer is yet to complete civil work on seven towers. It has completed civil work on 21 towers and around 2,000 homebuyers have moved into unfinished flats. Related Post: Noida Authorities to recover Rs.650 cr dues from Amrapali Silicon City project The National Company Law Tribunal (NCLT) had earlier admitted a petition of Bank of Baroda against Amrapali Silicon City over Rs.55 crores loan default.Amrapali group has accountability of around Rs. 3,000 crore towards the authorities and owes more than Rs. 1,000 crore to around 10 banks, and it needs around Rs 3,000 crore to complete its unfinished projects. Amrapali group had launched 11,000 units in Noida, out of which 8,500 have been delivered and 2,500 are still pending. Thousands of homebuyers have been protesting outside Amrapali office in Noida, against the huge impede in delivery of possession of their homes. Related Post: Insolvency proceedings initiated against Amrapali Silicon City