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Jaypee Infratech Insolvency Case : Proceedings and Updates

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Jaypee Infratech Insolvency Case : Proceedings and Updates

Last updated: 11 minutes ago
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  • #11

    #11

    Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

    What if your builder becomes insolvent? Road ahead for Jaypee buyers
    http://economictimes.indiatimes.com/...campaign=cppst

    Comment


    • vijayg5278
      vijayg5278 commented
      Editing a comment
      Biggest solution is Buyers should not be treated as a Unsecured Creditors. Rather than they are secured creditors. For this petition is required.
  • #12

    #12

    Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

    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

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    • #13

      #13

      Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

      How can we join the association. can anyone clarify.
      Nikhil Chrungoo

      Comment

      • #14

        #14

        Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

        Personal Information
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        • #15

          #15

          Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

          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.
          Attached Files

          Comment


          • vivmits
            vivmits commented
            Editing a comment
            As per this, claims can b submitted electronically. That means email or online submission on website ?

          • rajeevsingh
            rajeevsingh commented
            Editing a comment
            Which creditors are we ? . As per my information we are neither operational nor financial creditors.
        • #16

          #16

          Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

          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

          Comment


          • drdeep
            drdeep commented
            Editing a comment
            Thanks, I'm a homebuyer, so need to fill form c, right?
            Where is it submitted?
            Can we do it online? Portal?
        • #17

          #17

          Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

          You may download the forms from here..

          http://www.jaypeeinfratech.com/public-announcement.html


          Comment


          • adimeg
            adimeg commented
            Editing a comment
            Thanks Singhkushal but when you go to the link both form B and C are there. Which one to fill?

          • singhkushal
            singhkushal commented
            Editing a comment
            I dont think we are financial creditors so looks like FORM B is what we need to fill.
        • #18

          #18

          Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

          Thanks Singhkushal ... May be it will get clear from Jaypee tomorrow when form links are posted on their website on Aug 14.

          Comment

          • #19

            #19

            Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

            Any lawyer that can explain us if home buyers are operational or financial creditors as per rules.

            Legally it is imperative to first understand the definitions of 'Financial Creditor' and 'Operational Creditor' under the IBC.

            A financial creditor is defined under Section 5(7) of the IBC to mean

            "a person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred".

            In order to ascertain whether a person is a financial creditor, the debt owed to such a person must fall within the ambit a 'Financial Debt' as under Section 5(8) of the IBC.

            A financial debt is defined under Section 5(8) of the IBC to mean:

            "a debt alongwith interest, if any, which is disbursed against the consideration for time value of money and includes-
            1. Money borrowed against payment of interest;
            2. Any amount raised by acceptance under any acceptance credit facility or its de-materialized equivalent;
            3. Any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;
            4. The amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed;
            5. Receivable sold or discounted other than any receivable sold on non-recourse basis;
            6. Any amount raised under any other transaction, including, any forward sale or purchase agreement, having the commercial effect of borrowing;
            7. Any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution;
            8. The amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clauses (a) to (h) of this clause"
            An operational creditor is defined under Section 5(20) of the IBC to mean

            "any person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred".

            In order to ascertain whether a person would fall within the definition of an operational creditor, the debt owed to such a person must fall within the definition of an operational debt as defined under Section 5(21) of the IBC.

            An operational debt is defined under section 5(21) of the IBC to mean:

            "a claim in respect of the provisions of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority".

            Distinction between a financial creditor and operational creditor has been drawn by the Bankruptcy Law Reforms Committee in para 5.2.1 of its final report2. It states:

            "Here, the Code differentiates between financial creditors and operational creditors. Financial creditors are those whose relationship with the entity is a pure financial contract, such as a loan or debt security. Operational creditors are those whose liabilities from the entity comes from a transaction on operations...The Code also provides for cases where a creditor has both a solely financial transaction as well as an operational transaction with the entity. In such a case, the creditor can be considered a financial creditor to the extent of the financial debt and an operational creditor to the extent of the operational debt."

            It is clearly evident that the law makers have chalked out distinct definitions of 'financial creditor' and 'operational creditor' and that they are not to be interpreted as inclusive or exclusive of each other.

            Comment

            • #20

              #20

              Re : Jaypee Infratech Insolvency Case : Proceedings and Updates

              Can you please help what happen to ready to move not registered flat

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