Dear members

As per the latest news published in Time of India , following lines have been mentioned .....

" Flat buyers, as well as banks which have given them home loans, along with other lenders, creditors, vendors and employees will get time till August 24 to make their claims. "



I request members to share the procedure for raising the claim . As I could not find any detail related to the procedure for raising of claim .

Sharing of procedure , will help many Flat Owners in Jaypee , to start raising their cliam as per statuary requirement .

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  • Dear members

    As per the latest news published in Time of India , following lines have been mentioned .....

    " Flat buyers, as well as banks which have given them home loans, along with other lenders, creditors, vendors and employees will get time till August 24 to make their claims. "



    I request members to share the procedure for raising the claim . As I could not find any detail related to the procedure for raising of claim .

    Sharing of procedure , will help many Flat Owners in Jaypee , to start raising their cliam as per statuary requirement .

    CommentQuote
    3 Comments
    • papiab2 years ago
      Dear All,
      Just now I have spoken with Mr Vikram Singh (Advocate Allahabad High Court)
      As per him we need to join one of the eight associations existing in Jaypee Wish town (which are actually Buyers association)
      After Appointment of Insolvency professional at Jaypee office, we need to file our claim to him with relevant property papers.


      Thanks
      P Bharadwaj
  • Dear members

    As per the latest news published in Time of India , following lines have been mentioned .....

    " Flat buyers, as well as banks which have given them home loans, along with other lenders, creditors, vendors and employees will get time till August 24 to make their claims. "



    I request members to share the procedure for raising the claim . As I could not find any detail related to the procedure for raising of claim .

    Sharing of procedure , will help many Flat Owners in Jaypee , to start raising their cliam as per statuary requirement .

    CommentQuote
    8 Comments
    • amonika7182 years ago
      What is the actual time period for filing claim to them?
  • The National Company Law Tribunal (NCLT) appointed an insolvency professional on Thursday for Jaypee Infratech, providing thousands of buyers in Jaypee projects two weeks to raise claims related to their flats or plots as part of a court-driven attempt to put in place a revival plan for the developer's much-delayed housing schemes in a maximum 270 days. Sources told TOI the insolvency professional will invite claims either over the weekend or on Monday as the law requires that claims be invited in prescribed forms within three days of NCLT's order.

    Flat buyers, as well as banks which have given them home loans, along with other lenders, creditors, vendors and employees will get time till August 24 to make their claims.

    This is being seen as a test case for the real estate sector and millions of home buyers who have invested their life savings for their dream homes. The introduction of Rera and the insolvency code has brought hope for buyers who have not been handed over apartments even after a decade.

    Among Jaypee's pending projects is the 800-acre Wish Town in Noida's Sector 128, which has 32,000 apartments. Of these, just 5,500 have been delivered. Jaypee has promised to complete another 6,000 flats by March 2018, 8,000 more in 2018-19 and the remaining by 2020. Jaypee did not respond to calls for its reaction to the development.

    NCLT has appointed Anuj Jain as CEO of the company. Jain will have six months to revive the company, which can be extended for three months. But after that, assets will have to be sold to recover banks' money. Jaypee Infratech is among the dozen companies identified by the Reserve Bank of India for a fast-track resolution through the new insolvency and bankruptcy code.

    The company has a total debt of around Rs 8,000 crore. A banker said the company has four parcels of around 1200 acres each on Yamuna Expressway, besides land on the Noida-Greater Noida Expressway. But owing to poor market sentiment, it cannot monetise the land parcel by selling it. At the same time, banks are not ready to accept land against dues.

    Projects on around 300 acres in sector 128 of Wish Town are being developed by Jaiprakash Associates Ltd (JAL). A company source said JAL is trying to complete the part of Wish Town which is being developed by it. The companies that have been put on RBI's list are seen to be those that have so far failed to deliver on their promise to clear dues to banks. Jaypee has sold several assets, including its cement and power business, to reduce its massive pile of loans and raise funds to complete the long held-up real estate projects. While the law allows for liquidation if no plan is worked out within 270 days (including a 90-day extension), a banker said the idea is to try and revive the projects since a real estate scheme with thousands of homebuyers cannot be treated in the same manner as a steel or a power plant. Recommended By Colombia



    While a committee of creditors will collate the claims of lenders to Jaypee Infratech, it will also undertake a valuation of assets and liabilities of the company, including those of its subsidiaries.


    "It is possible that in one tower there are unsold flats, and some where part payment has been received. It makes the task a little complicated. The insolvency professional will have to undertake a projectwise exercise and then consolidate it," explained a source.

    Unlike the past, when Jaypee told flat buyers that it is tying up funds, it will have to not just put down its intent during the tribunal-driven exercise but also come up with comfort and sanction letters from banks, and reveal all funding sources.

    In the worst case scenario of liquidation of the company , the interest of flat buyers will come after that of the banks, which have extended loans to the company.




    http://timesofindia.indiatimes.com/b...w/60013164.cms
    CommentQuote
  • Dear All,
    Just now I have spoken with Mr Vikram Singh (Advocate Allahabad High Court)
    As per him we need to join one of the eight associations existing in Jaypee Wish town (which are actually Buyers association)
    After Appointment of Insolvency professional at Jaypee office, we need to file our claim to him with relevant property papers.


    Thanks
    P Bharadwaj
    CommentQuote
    1 Comments
    • pkm10002 years ago
      Thanks for sharing this important information. Can you please inform how to join any of the eight associations. Whom to contact for the same. Which all property papers will be required at the time of filing the claim. And for filing the claim do we need to personally come to the Wish town.For the persons not staying in Delhi/NCR what are the other options.
  • Kindly do let us know about joining the hands for claim. @pkm1000 QUESTIONS are practical points for all of us. Seniors/ experts can guide us.

    Regards.
    CommentQuote
  • How can we file for the claim, it has t be in the prescribed form, is it Form B or Form C. I found this link as per which I thick it should be form B .

    https://www.taxmann.com/topstories/104010000000049747/govt-notifies-norms-of-insolvency-resolution-process-for-corporates-persons.aspx

    But if anyone knows whom should we submit the details.
    CommentQuote
    1 Comments
    • jmathewca2 years ago
      The National Company Law Tribunal (NCLT) has appointed an insolvency professional to carry out the proceedings under the Insolvency and Bankruptcy Code. The buyers in Jaypee projects can raise claims till August 24. The insolvency professional will invite claims in a day or two in prescribed forms.


      Read more at:
      //economictimes.indiatimes.com/articleshow/60033930.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
  • NCLT names resolution professional in Jaypee Infratech case

    The Allahabad bench of NCLT has appointed Anuj Jain the Interim Resolution Professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code

    Read more at:
    http://realty.economictimes.indiatim...-case/60029499
    CommentQuote
  • Found another link on makaan which says FORM B has to be submitted
    https://www.makaan.com/iq/news-views/jaypee-in-insolvency-case-home-buyers-to-raise-claims-till-august-24

    But whom should we submit this?
    CommentQuote
    1 Comments
    • bvmittal2 years ago
      Dear Members

      As per the update collected from Internet , Form-3B need to be submitted .
      This form need to be sent to
      Mr. Anuj Jain of Ms. BBSR & Co (KPMG), as he is appointed as Interim Resolution Professional (IRP) .

      But I have not been able to get the address of Mr Anuj Jain and request members to share the address if any one has got.

      Moreover , another thing which need to be checked is how should this form be submitted to Mr Jain to ensure that we can prove later on in the court (if required at all) that form-3B was submitted by us as per the law.
      Is it enough to send Form-3B simply thru a registered post ? . Or Does it require a some other legal procedure to be followed ?

      Please share your input on this , so that all members can be benefited .
  • Originally Posted by rishi1631
    Found another link on makaan which says FORM B has to be submitted
    https://www.***********/iq/news-views/jaypee-in-insolvency-case-home-buyers-to-raise-claims-till-august-24

    But whom should we submit this?


    It seems buyers don't come under any of the category mentioned. Financial Creditor, Operational Creditor or Employee.
    CommentQuote
  • What if your builder becomes insolvent? Road ahead for Jaypee buyers
    http://economictimes.indiatimes.com/...campaign=cppst
    CommentQuote
    1 Comments
    • vijayg52782 years ago
      Biggest solution is Buyers should not be treated as a Unsecured Creditors. Rather than they are secured creditors. For this petition is required.
  • Which projects in wish town do not come under Jaypee Infratech as I have a flat in pavillion heights and my agreement is with JP associates
    CommentQuote
  • How can we join the association. can anyone clarify.
    Nikhil Chrungoo
    CommentQuote
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    CommentQuote
  • The public announcement giving the office & email address of IRP for Jaypee Infratech Ltd. can be downloaded form jaypeeinfratech.com or www.ibbi.gov.in.
    CommentQuote
    2 Comments
    • rajeevsingh2 years ago
      Which creditors are we ? . As per my information we are neither operational nor financial creditors.
  • Home buyers have been asked to submit claims before Aug 24. Which form should they fill - Form B or C?

    Form B is for operational creditors
    Form C is for financial creditors
    CommentQuote
    2 Comments
    • sunita33292 years ago
      Those who have recently received the occupation letters for their housing units in Wish Town and Aman projects are not happy with the condition of the homes. About 200 buyers recently received the OCs, and they find the residenced unfit to move in.