On Sunday, three directors of the Amrapali group — Anil Kumar Sharma, Ajay Kumar and Shiv Priya — handed their passports to Gautam Buddha Nagar District Magistrate B N Singh. The move comes after a primary creditor to the company, Bank of Baroda, approached the NCLT with an insolvency plea against the builder over defaulting on loans. “After what happened with Jaypee group, we were expecting other builders to follow suit and this has started happening. Meanwhile, Amrapali group, in their eight-page letter submitted to the district administration, maintained that they will work on the projects and deliver flats. In July this year, Amrapali builder’s CEO (health) Ritik Kumar Sinha and director Nishant Mukul were arrested over charges of fraud.

Source: Indian Express August 14, 2017 23:03 UTC