NIIL Infrastrutures' RP invites bids to complete stuck housing project in Agra, UP

Debt-ridden NIIL Infrastructures' resolution professional (RP) has invited bids from interested parties to revive the bankruptcy-bound company, which is developing a housing project in Agra, Uttar Pradesh.

In March last year, the National Company Law Tribunal (NCLT) Delhi had admitted the application seeking resolution for NIIL Infrastructures under the Insolvency and Bankruptcy Code. The insolvency petition was filed before the NCLT in November 2017.

The NCLT had appointed Nisha Malpani as the RP.

"We have sought an expression of interest (EOI) from individuals and corporates for completion of the 12-acre group housing project," Malpani told PTI.

The invitation for EOI was floated on December 24, 2018 and the last date is January 8, 2019.

NIIL Infrastructure, based in the national capital, had launched this project in 2010, but it is yet to be completed.

Around 750 flats were launched in this project, of which around 600 units have been sold. The company has so far completed only four towers comprising around 250 units.

The realty firm owes about Rs 50 crore to financial institutions including Alchemist Assets Reconstruction and Bank of Baroda. Home buyers have also submitted a claim of Rs 50 crore.