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Jaypee Greens Wishtown, Noida

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Jaypee Greens Wishtown, Noida

Last updated: April 27 2021
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  • Re : Jaypee Greens Wishtown, Noida

    CCI orders probe against Jaypee group in majority orders

    Competition Commission has ordered probe against Jaiprakash Associates through majority orders in two separate cases involving real estate projects in the national capital region for alleged abuse of dominant market position and imposition of “unfair” conditions on buyers.

    In both the cases, two members of the Competition Commission of India (CCI) have given their dissent notes while opining that the company did not held a dominant position in the relevant market and “no case is made out” against it.

    In the first case, four members of CCI have said in their majority order that prima facie it appeared that certain clauses in the application form for booking of apartment at ‘Crescent Court’ project of Jaypee Greens in Greater Noida were “unfair, onerous, one-sided and tilted favourably towards the opposite party (the company) and call for a detailed investigation.”

    “Accordingly, the Commission holds that prima facie the opposite party appears to have contravened the provisions of Section 4 of the Act,” the four-member order said, while directing the Director General to conduct an investigation and complete it within 60 days. This section relates to abuse of dominant market position.

    However, two other members of CCI have given a dissent order for this case, while referring to an earlier order by the regulator wherein it had closed the matters against Jaiprakash Associates by holding the company “to be not dominant in the relevant market”.

    In the second case, concerning booking of an apartment in KUBE project of Jaypee Greens in Noida, the majority order signed by CCI Chairman D K Sikri and four other members have ordered a probe by the DG -- the investigating arm of the regulator -- for alleged abuse of dominant market position and imposition of “unfair” conditions.

    In this case also, two CCI members have given a dissent order while observing that the company was declared “to be not dominant in the relevant market” in an earlier case.

    CCI had earlier probed Jaiprakash Associates in other matters related to unfair trade practices in the real estate market, after which two members had ordered Rs 666 crore fine on JP Associates, but was overruled by the Chairman and other members of the regulatory body.

    After looking into the latest complaints, the majority members said they are of a “prima facie opinion” that Jaiprakash Associates is in the dominant position.

    Accordingly, CCI has asked the DG to investigate the matter.

    http://www.hindustantimes.com/noida/...prVQuVaTI.html

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    • Re : Jaypee Greens Wishtown, Noida

      Originally posted by polo1234 View Post
      StanC has officially moved its loan from Non-performing to Non- Recoverable, selling it to a loan recovery fund.
      As per regulatory practice or otherwise Banks need to keep their official books clean, from time to time they have to mark NPA's and losses... its a normal practice depending on which geographical regulations the particular bank is following.
      Upto the point anything is trading ... it is not junk.

      Comment


      • Re : Jaypee Greens Wishtown, Noida

        Originally posted by bhuwan View Post
        Wow !!! Seems this SSG has got some special powers because they are foreign fund !!! And they can act independently on their own without consulting & caring for all other lenders mostly indian banks....
        Crazy stuff !!! Carry on bashers ... Judgement ( dooms ) day is around ... soon wishtown will be burried 1000ft below sea level.
        Friend, not only SSG but any single individual has the right to independent legal course to protect his own interests. SSG is not a bank . it is a vulture fund that specialises in recovering money from distressed assets. It will have very different aims , tactics and constraints than Indian banks and so will obviously pursue a very different strategy.
        Indian banks have lent not only to jp but also to customers who bought houses from jp. They will not like to take steps that recover their money from jp but makes the customers bAnkrupt . they also have to worry about public image. So they can't openly take steps which are explicitly forcing jp to abandon wishtown. SSG has no such compulsions. They are a recovery agent and will get their money back by hook or by crook. So yes their introduction into the scene will change the shape of the legal battle for recovery of funds.

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        • Re : Jaypee Greens Wishtown, Noida

          Originally posted by Truenity View Post

          Friend, not only SSG but any single individual has the right to independent legal course to protect his own interests. SSG is not a bank . it is a vulture fund that specialises in recovering money from distressed assets. It will have very different aims , tactics and constraints than Indian banks and so will obviously pursue a very different strategy.
          Indian banks have lent not only to jp but also to customers who bought houses from jp. They will not like to take steps that recover their money from jp but makes the customers bAnkrupt . they also have to worry about public image. So they can't openly take steps which are explicitly forcing jp to abandon wishtown. SSG has no such compulsions. They are a recovery agent and will get their money back by hook or by crook. So yes their introduction into the scene will change the shape of the legal battle for recovery of funds.
          All lenders have to follow RBI guidelines inorder to recover their money... there is no SECOND way..

          can u state the law or regulation which SSG can / will invoke which current banks have not used yet ?
          there is no hook and crook method ! JP is only liable to pay the EMI to keep their accounts current.
          In ur fanciful world r u assuming SSG will sit in meeting room with Rampuri Chaku and Gaurs will sell everything like chickens... utter nonsense !!!!



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          • Re : Jaypee Greens Wishtown, Noida

            Originally posted by bhuwan View Post

            All lenders have to follow RBI guidelines inorder to recover their money... there is no SECOND way..

            can u state the law or regulation which SSG can / will invoke which current banks have not used yet ?
            there is no hook and crook method ! JP is only liable to pay the EMI to keep their accounts current.
            In ur fanciful world r u assuming SSG will sit in meeting room with Rampuri Chaku and Gaurs will sell everything like chickens... utter nonsense !!!!


            Friend, SSG has bought loans which are already in default and where JP is legally liable to repay principal on demand. For your information, corporate lending is not structured in the form of EMIs but regular interest payments and then a principal repayment at maturity. So, yes , SSG can and will demand repayment of entire defaulted loan. This will have a cascading effect on Indian banks too, who will be forced to act more aggressively. Otherwise SSG will just walk away with all the malai and they will be left with nothing.
            Many legal options are available, like Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act and relevant sections of Indian penal code.
            As for gaurs, less said the better. Mr sameer gaur is already out.The equivalent of rampuri chaku will be chidambram and jethmalani and the threat of sending to jail.

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            • Re : Jaypee Greens Wishtown, Noida

              By the way, SSG is not regulated by RBI and not governed by any of their guidelines. That is why this is a game changer. Even for Indian banks, RBI does not prohibit banks from taking more aggressive action than guidelines suggest. The guidelines are mostly meant to ensure that banks are not too lenient to defaulters and recognize losses when they occur. For example, sbi has already been conservative and recognized jp as an nap even though they were not required to by RBI guidelines after other banks invoked SDR provisions. RBI did not prohibit them from doing that. In fact RBI would prefer banks to take more aggressive action like SSG, but bAnks are scared of recognizing losses because they don't have the capital buffer to absorb them.

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              • Re : Jaypee Greens Wishtown, Noida

                all this talk about "being lenient" or "trying to find a solution" comes only from people who are stuck with jaypee properties.
                think about the lender. what would you do if someone refuses to pay back a loan you had given? you would take the harshest action possible, everyone else be damned.

                SSG is not a bank, not regulated by RBI and not answerable to homebuyers or anyone else. They are here to collect what is rightfully theirs.
                The Indian banks who have been handling Jaypee with kid gloves will be left with an empty shell of a company.

                Going forward, I expect many more banks to sell their debt to such funds to recover atleast a part of their money. Then these funds will take care of Jaypee.
                Last edited September 16 2016, 03:32 PM.

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                • Re : Jaypee Greens Wishtown, Noida

                  Pkgandhi... Blackwidow... Blackwidhow... Invictus
                  Now Truenity
                  This guy has all the time in the world!!!
                  I fail to understand.. to what extent can someone go??
                  Should i call this obsession or Madness?
                  Anyways.. Moderator MANOJa I think you will have to delete this user and his posts like you have with the other above mentioned users
                  Im sure you are also tired of doing this. This guy doesnt give up

                  Comment


                  • Re : Jaypee Greens Wishtown, Noida

                    Originally posted by youngmoney View Post
                    SSG is not a bank, not regulated by RBI and not answerable to homebuyers or anyone else. They are here to collect what is rightfully theirs.
                    Dont just say SSG got a magic broom OR Dont tell me just by seeing SSG guys Gaurs will start peeing in pants and hand over everything to them !!!
                    Tell me How and what they can do which has not been done yet ?

                    Comment


                    • Re : Jaypee Greens Wishtown, Noida

                      Originally posted by firstimebuy View Post
                      Pkgandhi... Blackwidow... Blackwidhow... Invictus
                      Now Truenity
                      This guy has all the time in the world!!!
                      I fail to understand.. to what extent can someone go??
                      Should i call this obsession or Madness?
                      Anyways.. Moderator MANOJa I think you will have to delete this user and his posts like you have with the other above mentioned users
                      Im sure you are also tired of doing this. This guy doesnt give up

                      This is ludicrous. Just because a person or persons disagree they can't be banned! I say let all sides of the picture be out in the open. Let people read and take their own decisions.

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