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AMR Update – Important Decisions for AMR Investors by NCLT on 23 Jan 2019

1.      A 695 page petition was filed by Mr Vikram Bajaj, Resolution Professional in NCLT on 22 Oct 2018. (First 33 pages at attachment).
2.      The Judges are likely to give its decision on 23 Jan 2019.
3.      The important points are:
(a)   Greater Noida land to be transferred from RC Info Systems Pvt Ltd. to AMR Infrastructures Ltd.
(b)   All stamp duty, transfer fee etc to be paid by promoters of AMR / RC Info.
(c)    Claim of RC Info Systems of 15% Project Build Area of Rs 124 Crores be rejected.
(d)   Directors to deposit amount with Authority which will be utilized by the RP for affecting all costs, charges in relation to transfer of rights under lease deed.
(e)   Direct GNIDA to consider waiver of sale of I-Home flats to general public.
(f)     Personal liability of Promoters for delay of project and GNIDA may recover dues by attachment of personal properties.
(g)   GNIDA to grant additional 3 years for completion of project.
4.      The Resolution Process so far has been on the right track and progressing satisfactorily.

NCLT_Petition

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