Noida Authorities to recover Rs.650 cr dues from Amrapali Silicon City project

After the NCLT admitted the insolvency proceedings of Bank of Baroda against Amrapali Silicon City, now the Noida authority on Tuesday filed its claim for Rs650 crore land dues on Amrapali Silicon city housing project before the interim resolution professional (IRP) appointed by the national company law tribunal (NCLT). The Bank of Baroda initiated the insolvency proceedings against the default amount of ?56 crore, which thereafter triggered panic among homebuyers of Amrapali Silicon City housing project located in Sector 76. Related Post: Insolvency proceedings initiated against Amrapali Silicon City “ The Noida authority has filed a claim for Rs650 crore dues because IRP had asked us for it. The authority had in 2009-10 allotted group housing land to Amrapali Group on leasehold basis. The Amrapali had paid 10 % of the total land cost and it was supposed to clear the remaining 90 % land dues in installments. But it failed to pay up the land dues,” said Manmohan Mishra, financial controller of the Noida authority. Related Post: Rajesh Samson (IRP) takes authority of Amrapali Silicon City The NCLT on September 5 had appointed IRP Rajesh Samson of Deloitte, a multinational company to take control of the project. The IRP subsequently took over the control of Amrapali Silicon City on September 6, thereby removing Amrapali Group from managing the project.The IRP has roped a legal team, real estate expert and financial professional so that he can prepare his resolution report in the next six months. The team has already collected details of flat buyers, size of the plot, status of construction at the project and dues of individuals or agencies from the Amrapali Group management. On September 6, IRP first met with Amrapali Group director Shiv Priya and other staff members in Sector 76 before starting the process of filing resolution report. Around 2,000 homebuyers have been living in the Silicon City apartment complex, which is yet to be completed and got occupancy certificate from the Noida authority. Without occupancy certificate living in a housing project is illegal. Now IRP will look after the maintenance of this project such as water supply, lifts, fire safety, electricity supply and security among other services.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. Most of the buyers have filed their respective claims before the IRP as the last date of filing claims was September 19.“ We filed claims and hope to become member of the committee of creditors so that we can put forth our concerns. The committee of creditors will also suggest ways to IRP as to how the company can be revived. Apart from this, we have decided to file a plea in the Supreme Court demanding protection of our investment,” said Ratnesh Rahul, a buyer of Silicon City housing project. Related Post: After Jaypee, Amrapali may face insolvency proceedings