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- Jaypee is in news about Bankruptcy proceedings. Court has appointed special CEO for revival of company under time frame of 6-9 months. After which company will be liquadated and creditors will get their money as per directions of NCLT court.CommentQuote0Flag
- What Are the Priorities Under Which Money Realized Upon Liquidation is Applied?
Upon liquidation, the proceeds realized from a company’s assets will first be applied by the liquidator towards workmen’s compensation payments and payments to secured creditors to the extent such secured creditors have paid any money to the liquidator for workmen’s compensation out of the proceeds from the sale of assets underlying their security interests. Thereafter, all remaining realized funds are used to pay expenses incurred during the liquidation, including the liquidator’s remuneration. Finally, the realized funds are distributed on a pari passu basis to:
taxes due to the central/state government or any local authority
accrued holiday remuneration due to employees
amounts due in respect of contributions payable as an employer under the Employees’ State Insurance Act 1948 or any other law
amounts due in respect of any compensation or liability for compensation under the (Indian) Workmen’s Compensation Act (1923) due to the death or disablement of any employee
sums due to any employee from a provident fund or any fund for the welfare of employees
expenses of any investigation held in certain circumstances
claims of unsecured creditors
payments to shareholders, according to their rights and interestsCommentQuote3Flag
- Jaypee Bankrputcy proceedings will shake the entire Noida RE market. Some of the upcoming events and consequences.
1. Resale in all JP properties will come to a halt as people will stay away from JP. You will see many distress sales in near future.
2. JP bankrputcy will have cascading effect on other Noida builders. If creditors can take down too big to fail elephant JP. What chance do other small builders have?
3. Expressway development will significantly slow down. RE on expressway will be depressed for long time as a lot of projects here will come to a halt starting with Jaypee which owns the largest chunk of expressway land.
4. Market for U/C will be depressed. GST and Demonitization has already dented u/c market. Now Bankruptcy of builders and RERA clean up will further depress RE market. Buy u/c at your own risk and cost.
- Reposting for people affected by the recent developments;
You will have to file a claim with NCLT Allahabad before August 24th. I am trying to find out the process for it as it is not very clear. But first step could be to get in touch with Mr. Vikram D Chauhan who is the advocate at allahabad high court representing homeowners association. I have been only able to find 2 contact numbers but no answer so far, maybe you will have better luck: +(91)-532-2466506, +(91)-9415215953. Good luck and keep us updated.CommentQuote0Flag
Can someone pls tell is Kasa Isles under JIL or JAL???And will JAL projects shall also have to file claims or get affected with insolvency?CommentQuote0Flag
- For those who are outside the country and have invested, what are options? Id there any website to download the form etc?
I have Flat in Kosmos Tower KM-72A
- URGENT/ IMPORTANT : HALLA BOLLLLLLLLLLLLLLLLLL PROGRAMS,
Based on feedback of buyers on the ground today, following is the plan for tomorrow.
... PROTEST of JP WT HOME BUYERS on 12th August(Saturday),9.30 AM IST
at Jaypee Sales and Marketing office, Sector 128, Noida
Please join this Protest in large numbers along with your families. Please carry enough water, umbrella, hats ,medicines(diabetics/sugar/BP patients) etc
- Originally Posted by RaojeeThere is some hope that JIL's debts may be paid off. These buggers have a huge amount of assets still. Now that their books are opened to scrutiny, a lot more will be found out about their assets or even Group assets. But more urgently, all the different Jaypee buyers' groups need to hit the streets and stage massive demonstrations, gherao of Noida Authority, YEIDA, MP, DM, CM and enlist the media so that they are very much on the radar.
Home buyers will lose...First banks will get their dues and I am sure even banks will not be able to recover more than 25% of their money...Home buyers have no chance...There is no meaning of false assurances as the same have been given from last 5-7 years....Its a given that Home buyers have lost their hard earned money...Money is as usually siphoned off...CommentQuote0Flag
- Originally Posted by shikha6410Hi,
Can someone pls tell is Kasa Isles under JIL or JAL???And will JAL projects shall also have to file claims or get affected with insolvency?
JIL or JAL does not matter as neither homes, Land nor money will be given...All money is siphoned off...CommentQuote0Flag
- Some facts/questions that might help everyone:
1. Jaiprakash Associates (JAL) is the parent that owns 71.64% of Jaypee Infratech Limited (JIL) which is a separate publicly traded subsidiary. Source: Pg. 2 from JAL%20Investor%20Presentation%20-%20Nov'14_vF.pdf
2. JIL (not JAL) defaulted on its loan payment of INR 526 cr to lender consortium led by IDBI. IDBI took JIL to NCLT. NCLT accepted the insolvency application. Source: 1.pdf
3. JIL still has a market cap of INR 2,500 cr, which means the market believes that the equity in JIL is still worth something. Home owners are unsecured creditors and rank lower than banks (secured creditors) but rank higher than equity holders. If equity is worth something, then the home owners by logic should not lose money.
4. If for a second I assume JIL going bankrupt = JAL's 71.64% stake in JIL becoming 0 = JIL projects affected but JAL projects fine? This seems a bit weird and I find it hard to believe. There is always cross collateralization, but can someone who has insight explain this?
5. I checked my application form (I have an apartment in Kalypso) and the counterparty is JAL. Does this mean JAL is unaffected by the NCLT proceedings since the debt was at the JIL level and only JIL is being restructured?
As a side note, from June 2017:
Lenders have spared Jaiprakash Associates from insolvency proceedings after clearings its loan recast package. However, group company Jaypee Infratech is set to be referred to the National Corporate Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC).
- Where is Jaypee's favorite son @dineshsays . He was an avid writer about JP projects and he hoodwinked many people to buy JP projects. Used to post photographs every week.CommentQuote3Flag
- Jaypee insolvancy case: Noida Authority to secure Wish Town home buyers' interest Authority CEO Amit Mohan Prasad said they would soon come up with a plan to secure the interest of over 32,000 homebuyers in the Jaypee Wish Town projectSharmila Bhowmick | TNN | August 12, 2017, 07:51 IST
NOIDA: Noida Authority on Friday asked homebuyers in the project not to panic, with the National Company Law Tribunal admitting an insolvency petition filed by IDBI Bank against the debt-ridden real estate group.
Authority CEO Amit Mohan Prasad said they would soon come up with a plan to secure the interest of over 32,000 homebuyers in the Jaypee Wish Town project. “We will not allow their hard-earned money to go down the drain. We will take the strictest action against the developer in case it flouts laid down norms,” he told TOI.
Jaypee had in April this year promised to deliver 32,000 units in the Wish Town project by 2020. Till now, possession has been given only to 6,500 homebuyers.
In the wake of the development, Noida Authority is all set to build pressure on defaulting builders of group housing projects in the city.
Officials said the Authority would soon send pay-up notices to builders of 94 projects in the city for defaulting in payments due in lieu of land allotted to them for construction of group housing societies. The dues are to the tune of Rs 11,000 crore.
They said defaulters would be given 15 to 30 days to clear their dues, failing which their lease deeds could be cancelled. “We will soon announce a workable schedule and payment plan for the defaulters so that they can start clearing their dues,” AK Rai, additional CEO (ACEO), Noida Authority, told TOI.
“However, Jaypee does not owe anything to the Authority as the land for its Wish Town project was given free as per the Memorandum of Understanding for construction of the Yamuna e-way,” the CEO said.
In a related development, Noida Authority has sought permission from the state government to take over unsold residential units in half-a-dozen projects of Amrapali group. The aim is to use the proceeds from the sale of this unsold inventory to help thousands of homebuyers get possession of their homes.
Amrapali group owes the Authority over Rs 1,200 crore and has to deliver nearly 30,000 residential units to home buyers. Letters have been written to the UP principal secretary (industries) Alok Sinha. Once a nod is received from the state government, the Authority will work out a detailed plan for the same. The same plan can then also be implemented in other defaulter cases, said officials.
- Originally Posted by Grenoite
Sirji, please allow TRUENITY sir to post again, maybe he break some rule, but sir he was only person who post very true picture, in this time of confusion i think he is best person to post, as he bring many correct story everytime
TRUENITY sir, if you read this, please sir, you have best knowledge but i humble request, donot make fight or get into bad discussion, it solve no purpose, You have Top knowledge everyone knows, but your writing style make only neutral. Facts always show true when time pass,
PLease manoj sir, you can warn him but bring him back, thank you sirji
His suspension was over some time back . He seems to have chosen not to post on the current developments . There are no restrictions on him to post from about a week back .CommentQuote1Flag
- NCLT Bankruptcy proceedings are WRONG approach to solve JP situation. Of course JP is Bankrupt but before talking about any kind of revival plan or liquidation. The BIGGEST question is how did JP Fail? JP management as well as Govt Babus should be put to investigation for their criminal malpractice and fraud. Where did all the bank loans go? Where did all the home buyers money go? Why JP didn't built homes even when they had all the money to build it? Where did the funds go? Where were they siphoned off? Who were the people involved in all the wrong and illegal decisions that sunk JP?
Govt is covering up all these critical questions by simply putting JP through Bankruptcy. JP management, Govt officials, Bank CEOs who were responsible for huge criminality behind the collapse of JP are let off. Now home buyers are thrown under the bus to cover for incompetence and corruption of JP as well as Govt.
Things JP buyers needs to do.
1. Become a party in NCLT proceedings. Technically and legally, home buyers have no stake in these proceedings. BUT PRACTICALLY, they have the greatest stake in these proceedings. For Banks, JP represents some red ink on their balance sheets. But for JP buyers, their LIFE savings are put into their home purchase. All JP buyer associations should join and raise claim in NCLT. They must claim for guarantees for completion of their homes.
Its likely that home buyer will be given zero or very little claim in NCLT. If NCLT proceeds without giving justified claim to home buyers, home buyers should approach Supreme Court and halt the proceedings of JP Bankruptcy in NCLT. Home buyers should petition SC to get their justified claim to safeguard their interest in Wish Town. This is one of a kind case. Whereas creditors legally have the greatest stake in JP liquidation. But can 30000 home buyers simply thrown under the bus in name of cleaning balance sheets? NCLT has to show some maturity in this case. If they don't, SC must do it.
2. JP home buyers should prepare massive Dharnas. Protest against JP as well as UP Govt. Buyers association must become very ACTIVE now. Organize protests regularly. Get news media attention. Also must meet UP CM Yoginath. Explain him how interest of 30000 home buyers are at risk who have invested their life savings.
3. JP End users presently staying in WT should join hands and elect an RWA. Prepare for contingency plans for future of maintenance and welfare of society. Raise funds for joint legal defense and other sorts things for welfare of buyers.
4. Must be vigilant of people who are deceiving you - JP management, JP brokers, some JP investors etc. They have been spreading misinformation about JP since last several years. They talked about JP's turnaround plans. They assured you that JP's future is secure so buy JP stocks and WT property. Now they are nowhere to be seen. But they will be back soon spreading more disinfo.
- Do we believe him ?