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- Suraksha and Dosti groups, which have emerged as the top contender to take over ailing Jaypee Infratech have estimated that nearly Rs 6,000 crore is required to complete work in 250 towers in Jaypee Wishtown with a funding requirement of Rs 2,000 crore after budgeting for nearly Rs 3,750 crore due from home buyers.
The payment by home buyers will be linked to construction milestones. While Sudhir Valia’s Suraksha group that has partnered Mumbai-based builder Dosti group has offered to ..
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- Only 18,000 units pending for construction at Wish Town: Jaypee Company sources claimed on Monday that of the completed apartments, 9,700 units have been offered for possessionSharmila Bhowmick | TNN | Updated: May 01, 2018, 08:30 IST
NOIDA: The debt-ridden Jaiprakash Associates and Jaypee Infratech, the twin real estate companies based out of Noida’s Sector 128, have claimed that they have completed 13,800 units at its Wish Town project so far. The project originally has 32,000 units including plots.
Company sources claimed on Monday that of the completed apartments, 9,700 units have been offered for possession. The documents for 4,100 units have already been sent to the Noida Authority to be processed for occupancy certificates, they said. The builder also claimed that it has now only 18,000 apartment units to complete, which it would deliver by 2021 as per the schedule submitted to Rera.
With a hearing in progress at the Supreme Court, Jaypee has so far submitted Rs 650 crore with the treasury of the court and another Rs 100 crore are expected to be submitted by May 10. As per the conclusion of the resolution, the builder now owes Rs 13,500 crore to those buyers who are seeking refund. More than 92% buyers have, however, demanded that they be given flats. As per company sources, among the bidders who had come forward to infuse funds for the completion of the project and pay bank debts, Lakshdweep Pvt Ltd, a Mumbai-based builder, seems a front-runner with an offering of Rs 7,350 crore.
With the company looking at a liquidation process, the homebuyers on Monday demanded that the company focus fully on the completion and handover of flats and any funds which are infused be fixed in escrow accounts for tower-wise completion of the remaining flats.
“More than the liability of the banks, the first responsibility that should be taken up at present is the pending apartments. The funds should be tied in watertight escrow accounts for tower-wise completion of the pending flats. The resolution procedure has not been done keeping the buyers’ interest as paramount, and we demand complete financial security of our investments,” Pramod Kumar, a buyer at Wish Town said.
- Only 18000 :) HahahaCommentQuote0Flag
- Getting a flat not end of problems at Wish Town https://www.nyoooz.com/news/noida/1101589/getting-a-flat-not-end-of-problems-at-wish-town/
What a massive massive fraud !!CommentQuote0Flag
- 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
- HopeOriginally Posted by TruenityOriginally Posted by singha3611I have booked my flat Jaypee kube in sept 2010, feel seriously hit by Jaypee development. I have been reading all the post of PK Ghandhi or Truenity, though depressing some time but post are really eye-opener for buyers. I have really become fan of Truenity and always look forward for his post. I request Truenity donot get disheartened by negative comments pls continue to enlighten us. Your debate points really with lot sense and full of knowledge.
Sir, unfortunately, I can't give you any good news, but the one advice I can give to JP customers is to move quickly to make themselves a party in the Insolvency case before the Allahabad bench of the NCLT. According to the statue, buyers will be at close to the bottom of the credit heirarchy, just above shareholders and they are not entitled to be part or the committee of creditors. The only hope is to move the NCLT and try to get some relief on compassionate grounds , otherwise JIL will likely be left with nothing after resolving all the creditors' debts- and even they will probably have to take losses.CommentQuote0Flag
- ha ha haOriginally Posted by rahul21jan81I think no one stop him to just post anything without fact. Such people exists in this world who are absolutely negative from mind. So better to wait for correct time and that time will teach him lesson...we should ignore and discuss on real motive of this forum. Please post positive happening in jaypee wishtown progress. We all know if jaypee can start delivering wishtown in their toughest last 2 years then there is no way that it will not improve in their good time. So ignore such negative minded people and stop replying . I can confirm that construction resume in Krescent home and Labour count is increasing day by day. Today I visited whole wish town again and looks like ache din aane wale hain...Be united ..CommentQuote0Flag
- 😂Originally Posted by rahul21jan81Very positive now...everything is under control...construction started..JPA cleared as standard account..JPI will soon...negative set minded people can't think positive and it's their habit ...Jaypee is only company which is trying their best to come out from mess..i have checked with my relative who is with jaypee from last 15 years and jaypee will comply timeline..wishtown is best society..look at jaypee green greater noida now...CommentQuote0Flag
- Originally Posted by Truenity😂
Looks like buyers would be Ok, and wishtown would have a new owner. Happy ending at last ?CommentQuote0Flag
- Originally Posted by raabta
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
- Lenders reject Lakshadweep’s offer to buy Jaypee Infra, ball now in Supreme Court Most of the lenders of Jaypee Infratech have rejected Lakshadweep Pvt Ltd’s Rs 7000-crore offer to buy Jaypee Infratech as it was found too low, a source told Moneycontrol. The committee of creditors met on Wednesday and lenders accounting for 42 percent of the company’s debt turned down the offer. For the offer to succeed, creditors accounting for 75 percent of the company’s debt had to approve the offer.
The lenders who rejected the offer are IFCI, India Infrastructure Finance, Life Insurance Corp of India, Union Bank of India, Axis Bank, Syndicate Bank and Corporation Bank, the source said.
Lakshadweep was the sole remaining bidder to buy the stressed assets of the Jaiprakash Associates subsidiary. The company has been run by an insolvency professional, appointed by the National Company Law Tribunal, for almost nine months now. Lakshadweep had earlier outpaced Kotak-Realty Cube and the Adani Group to emerge as the highest bidder for the Noida-based real estate developer and Yamuna Expressway operator.
But Lakshadweep’s prospects dimmed after several creditors objected to the offer, saying it was too low for the company. According to a note prepared by IDBI Bank, Jaypee’s largest lender, the company’s actual value stands at Rs 17,111 while its distress value is pegged at Rs 14,548 crore. Lakshadweep’s Rs 7,000 crore bid pegged Jaypee’s value at less than half of IDBI’s distress scenario number.
Jaypee is one of the 12 companies the Reserve Bank of India referred to the National Company Law Tribunal last year as an insolvency case whose day-to-day running needed to be put in the hands of a professional for resolution of its Rs 9,000-crore debt.
Jaiprakash Associates on Monday made a revised bid of Rs 10,000 crore but the creditors can’t consider its offer as the bankruptcy law bars promoters from making a bid for the company.
The Allahabad bench of NCLT that is hearing the case could now ask all the parties to approach the Supreme Court. The Supreme Court meets May 11 to hear the matter before it breaks for a two-month-long vacation.
- What will be the impact on maintenance of RTM projects ?
Will it be Ram bharose?
Jaypee Infra faces liquidation as resolution eludes realty company
NEW DELHI | MUMBAI: The threat of liquidation hangs over Jaypee InfratechNSE 2.52 % after the Interim Resolution Professional (IRP) told the Supreme Court on Friday that the bankruptcy resolution process at the debt-laden realtor had failed to stitch together a revival plan before the clock ran out.
According to the Insolvency and Bankruptcy Code, 2016, a resolution plan must be finalised and approved within 270 days of a company’s admission to the National Company Law Tribunal: That de ..
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- Isnt maintenance done by JAL?CommentQuote0Flag
- Maintenance issues get pretty complicated in normal liquidation circumstances, here we have some extraordinary complications .CommentQuote0Flag