#RealtyNewsRoundup: NCLT Approves Insolvency Plea Against Amrapali Silicon City

A petition made by the lender Bank of Baroda on loan default against Amrapali's Silicon City has been approved by the National Company Law Tribunal (NCLT). Soon, the NCLT will appoint a principal bench to carry out the proceedings under the Insolvency and Bankruptcy Code. The order by the NCLT will impact as many as 1,000 flat buyers, who have invested in Amrapali Silicon City, a project in Noida's Sector 76.

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The Yamuna Expressway Industrial Development Authority (YEIDA) has given a nod to the partial lease cancellation of Jaypee Group's two plots of land. The approval has come after the developer failed to pay YEIDA the outstanding dues worth Rs 4,342 crore despite repeated notices.

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To oversee the Maharashtra cooperative societies, the state government has proposed of a housing authority. The proposal also states that the authority will have judicial powers and its decisions should be regarded as equivalent to those by a civil or cooperative court. The proposal has received a negative response from legal experts saying society members should be allowed to approach courts as the authority may or may not have legal know how.

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The Haryana Urban Development Authority has introduced a one-time scheme to settle claims of oustees. Under the scheme, people whose land was acquired by the urban development authority to develop urban sectors, will get plots in these sectors through a draw of lots. After a draw, plots will be allotted to oustees at a reserve price.

Source: Media reports