Amrapali Group company ‘Ultra Homes’ under insolvency process

Another Amrapali Group company, Ultra Homes, 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. Under the Ultra Homes project, BOB has outstanding dues of Rs 36.88 crore. The company also has to pay around Rs 20 crore to the Greater Noida authority, which would also be treated as a secured lender. Amrapali's Silicon City in Noida is already under the insolvency resolution process on the order of the same tribunal.