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- Failure of WT.
Banks didn't do their jobs. They gave loans to JP on infeasible projects.
UP Govt made a blunder by massive allocation of land bank to JP which they could never develop.
Central Govt didn't do its job. They brought RERA Bill 10 years too late that too with many flaws.
Various regulators and authorities failed to do their jobs.
Home buyers were Gullible and did not understand the fraud of JP.
But now people expect that SC should present a solution to this mess to satisfy everybody.CommentQuote0Flag
- Originally Posted by Truenity😂
Looks like buyers would be Ok, and wishtown would have a new owner. Happy ending at last ?CommentQuote0Flag
Looks like buyers would be Ok, and wishtown would have a new owner. Happy ending at last ?
Not by a long shot. It's going to get very very murky now. The big lenders and Gaur are operating hand-in-glove.CommentQuote0Flag
- Originally Posted by Raojee
Not by a long shot. It's going to get very very murky now. The big lenders and Gaur are operating hand-in-glove.
What else is new?CommentQuote0Flag
- Isnt maintenance done by JAL?CommentQuote0Flag
- Maintenance issues get pretty complicated in normal liquidation circumstances, here we have some extraordinary complications .CommentQuote0Flag
- @MANOJa how do you see this unfolding? I guess JAL has left no option with SC. It would be a disaster if JIL is given to JAL. I dont see liquidation happening.CommentQuote0Flag
- @MANOJa how do you see this unfolding? I guess JAL has left no option with SC. It would be a disaster if JIL is given to JAL. I dont see liquidation happening.
I would answer this very broadly -
I had predicted JP would go down the drain about 4-5 years back in the forum . The post is here somewhere in the forum ( if u want, i can search it and give a link ) .
I personally know these Lala's in & out and this was bound to happen . I know JP very well in particular .
Now coming to answering your question, India is country where such rich guys can reach many understandings ( depending on what undisclosed financial strength remains with them ) .
I hope, our Judicial system is strong enough do withstand such Organisations/identities .CommentQuote2Flag
- I hope that too. This is unfolding like a chess game.....I thought the stage is set for Adani to enter Noida....but this gaur - bank nexus seems too strong....they seem to be watching each others backs.
Hope the CBI inquiry for IDBI exposes this nexus.CommentQuote0Flag
Hope the CBI inquiry for IDBI exposes this nexus.
I understand the game is much wider & bigger than what we common people see . Who may win finally is still a mystery, but it is very much evident that everything can be manipulated, irrespective of who is in power .CommentQuote0Flag
- Wish Town buyers buyers protest liquidation bid Sharmila Bhowmick| tnn | May 14, 2018, 06:12 IST
Noida: Over 500 homebuyers of Jaypee Wish Town braved the weather to stage a protest outside the gates of the builders’ sales and marketing office at Sector 128 on Sunday evening. The buyers gathered with banners and placards and protested against a liquidation bid which is expected to be implemented in case the Supreme Court doesn’t prolong the company’s insolvency resolution procedure.
During the course of the protest, the buyers stated they neither support liquidation, nor insolvency resolution and all they want were their apartments.
“After years of wait, we once again lost nine months for an insolvency resolution. We support no external parties and not even Jai Prakash Associates for further insolvency resolution. We want our apartments and the compensation due to us. The buyers cannot be concerned with the financial status of the company as we have all paid our dues. Any other resolution process will further delay the delivery procedure,” Pramod Kumar, a buyer participating in the protest said.
The buyers gathered at 6.30pm and left the location at 8.30 pm. Despite Jaypee management asking them to enter the offices of the builder, they refused and continued their protest on the road.
“Manoj Gaur, MD, Jaypee had invited the buyers inside the building for an interaction, but they refused to meet him,” a Jaypee official said.
“We understand that the financial lenders and banks need to be paid and debts need to be settled, but we are not stakeholders of the company. We are consumers and taxpaying individuals who need to be given their houses,” Kumar added.
After the protest, as the sky turned dark, the buyers who had gathered, lit the torches of their cell phones to host a symbolic candlelight protest against the builder.
“The fact that so many buyers turned up, despite such weather, shows the sheer desperation among them with the news of a possible liquidation of the company,” Kumar said.
- Why is Jhunjhunwala buying up so much of JAL???
Rakesh Jhunjhunwala buys 2 crore additional shares of Jaiprakash Associates in June quarter Jhunjhunwala, often referred to as Warren Buffett of Dalal Street, bought 2 crore shares in June quarter
ETMarkets.com | July 19, 2018, 12:56 ISTCommentQuote0Flag
- Originally Posted by Truenity
He is not buying up "so much". His current stake is worth around 75 crores, which is less than 1% of his portfolio. He is just trading in and out of this counter. He had bought some in the first half of last year and sold all his holdings in the second half. When the price crashed again, he got back in and it goes back up, he will cash out again. The irony is that the muppets who were buying in the second half last year thinking that jhunjunwala was in the stock were probably buying from him and those who sold after the crash , thinking it was worthless because jhunjunwala ji didn't like it anymore, probably sold to him.
It is classic pump and dump..
Thank you for enlightening the ignorant :-)CommentQuote0Flag
- Noida: Boy falls 25 feet into basement in Jaypee Wish Town TNN | Jul 31, 2018, 04:14 IST
A dustbin has been placed near the broken lattice by residents
NOIDA: An eight-year-old boy running after a ball fell 25 feet into the basementthrough a broken lattice on the ground floor in a Jaypee Wish Town housing society in Sector 134 on Monday evening.
Aarav Beniwal was rushed to Jaypee Hospital, where his condition was stated to be serious. The residents of Wish Town Klassic alleged that a portion of the cement lattice had broken several days ago but the management of the society hadn’t bothered to get it repaired. The shaft, through which Aarav fell, is at the level of a pathway in the society compound.
Sandeep Malakar, a resident of the housing society, said that the minor boy was running after a ball and fell through the broken lattice into the basement.
“He fell down almost 25 feet to the lower basement. Residents informed police and called an ambulance. The boy was rushed to a private hospital, where he is undergoing treatment for severe injuries to the head,” he said.
The residents have lodged a complaint against the developer at Expressway police station, alleging poor construction. The residents said that they had complained to the developer a number of times about the broken lattice in the past, pointing out the danger it posed to kids playing in the compound.
The developer of the housing society could not be reached for a comment despite repeated attempts.
Aarav’s father Yashpal Beniwal, who works with an IT firm, said his son had suffered “severe” injuries. “I am very worried over the accident and not in a position to speak. Please excuse me,” Yashpal said.
Wish Town Klassic is a 20-storey building having eight flats in each floor. The residents claimed services were extremely poor despite the management charging high maintenance fee.
Hansraj Bhadoriya, the SHO of Expressway police station, said a police team had inspected the spot from where the boy fell.
“The boy was rushed to Jaypee Hospital and he is undergoing treatment there. He has suffered head injuries,” Bhadoriya said.
Bhadoriya said a case would be registered once the family filed a complaint. As a temporary measure, the residents have placed a dustbin near the damaged lattice and advised people to stay away from the area.
- Noida: Jaypee Wish Town locals want a structural audit
Updated: Aug 2, 2018, 06:40 AM IST
In the aftermath of the fall of eight-year-old Aarav Beniwal into the ventilator shaft, residents of Jaypee Wish Town Klassic are sceptical to use facilities at the society. It seems that the trust in the builder has taken a hit. They are leaving no stone unturned to locate the places within the society which are potential safety hazards.
The residents claimed that the place where the child fell is not the only place that is ill-maintained within the society. They want the problem areas to be fixed. But, of course, the builder's involvement is also required to make the place safer for children.
There are several cracks on the walls of the towers, the children's play area is dug out and there are open high-tension power wires.
The recent instances of building collapses in Delhi-NCR areas after the arrival of monsoon have also affected the psyche of people. The residents frequently complain about the sub-standard construction materials.
A resident of the Klassic Tower said that they want a structural audit by the government. "We should know the exact position of the society. We will soon write a letter to the Uttar Pradesh Chief Minister and the district magistrate in this regard," the resident said.
High-tension wires were also spotted 10 meters above the ground. They were seen at the area where children play and residents jog. This place was not more than 10 steps away from the ventilation shaft where the boy fell. Residents had demanded underground wiring two years ago, but the builder has done nothing so far.
Another resident said that the electric poles, installed by the builder in the park area, are dangerous for children. "Children come to play here and if the wire falls on any of the child or person then who will be responsible for the casualty. The builder should address this as soon as possible," he said. Most of the area of the park is also dug out.
"I don't think fire sprinklers are operational here. Many of them are locked as well. We need to force the facility management group to do fire drill every month (not evacuation only but to test the whole system is working or not) and we will be a part of it," the resident said.
Residents claimed that the place where the child fell is not the only space that is ill-maintained within the society. They want the problem areas to be fixed.
There are several cracks on the walls of the towers, the children’s play area is dug out and there are open high-tension power wires.