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Jaypee Greens Wishtown, Noida

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Jaypee Greens Wishtown, Noida

Last updated: 4 days ago
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  • Re : Jaypee Greens Wishtown, Noida

    Originally posted by bhuwan
    Some facts

    1. For some projects in wishtown like kalypso, pavilion customers make payment to JAL ( jaiprakash associates). Receipt of payment is from JAL.

    2. For lot of projects in wishtown like kasa, orchards etc customer make payment to JIL ( jaypee infratech)
    Receipt of payment is from JIL.

    3. Allotment letter of all projects in wishtown are on JAL letterhead, stamped by JAL and signed for JAL & JIL

    4. Wishtown Land was allotted to JAL.

    5. JAL had 70% stake in JIL

    6. JIL was formed as SPV for yamuna expressway development.

    It needs to be seen in detail how gaurs have created this jack and JILL mess .... only time will tell how they will be able to wash their hands off the mess.
    The only reason that JAL is not on the bankruptcy list is that banks have already invoked SDR against it. The remediation plan for JAL is not yet clear, but if no other option emerges, it is possible it might be liquidated too, in fact, probably even before JIL is.

    The financial condition of JAL is not much better than JIL, in fact it is probably worse, since it houses most of the debt and has many loss making subsidiaries like the Formula 1 business.

    The bottomline is that JP is a big mess and all parties concerned might be forced to recognize their losses earlier than they anticipated​ with the latest move.

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    • Re : Jaypee Greens Wishtown, Noida

      Originally posted by Truenity View Post

      If the contractors have any sense, they will know they have little hope of getting any payments through now. Unless JP fronts up cash, which it is short of, work is likely to come to a grinding halt soon.

      270 days is not a grace period to continue things as they were. It is the maximum time that can be taken for the process to get to the liquidation stage. According to the code, a resolution plan is expected to be worked out within 180 days, with a possible extension of 90 days in special circumstances.

      If the bankruptcy adminstration decides within one week that liquidation is the only viable option, then the liquidation process will start immediately and not wait for 270, or even 180, days.
      Of course, i didnt say that 270 days is notice period. I said Liquidation comes into picture ONLY IF resolution is not found in that much time !

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      • Re : Jaypee Greens Wishtown, Noida

        Originally posted by vivmits

        Of course, i didnt say that 270 days is notice period. I said Liquidation comes into picture ONLY IF resolution is not found in that much time !
        That is not correct. Liquidation can come into the picture immediately if there is consensus that is the only viable option straight away. The 180 days deadline ( and 90 day extension) becomes relevant only if there is no consensus reached on how to proceed. In that case, liquidation gets automatically triggered at the end of 180 days ( 270 days if extension was received).

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        • Re : Jaypee Greens Wishtown, Noida

          Originally posted by Truenity View Post

          That is not correct. Liquidation can come into the picture immediately if there is consensus that is the only viable option straight away. The 180 days deadline ( and 90 day extension) becomes relevant only if there is no consensus reached on how to proceed. In that case, liquidation gets automatically triggered at the end of 180 days ( 270 days if extension was received).
          I also said the same thing, 270 days is maximum period, it can take lesser/much lesser period also. But point remains, liquidation comes into picture only if resolution is not found in a maximum period of 180+90 days ! In my opinion chances are higher of arriving at a resolution as nobody gains from liquidation which will not generate enough funds anyway.

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          • Re : Jaypee Greens Wishtown, Noida

            Originally posted by vivmits

            I also said the same thing, 270 days is maximum period, it can take lesser/much lesser period also. But point remains, liquidation comes into picture only if resolution is not found in a maximum period of 180+90 days ! In my opinion chances are higher of arriving at a resolution as nobody gains from liquidation which will not generate enough funds anyway.
            It is much better to liquidate immediately than to continue to throw money into a perennially loss making business. Savings will include the massive salaries paid to JP employees, several crores paid in lawyers' fees. In case JP loses one of the several court cases against them , it could cost thousands of crores. Some foreign banks have already sold their loans to vulture funds at a greater than 50% loss and moved on. Domestic banks have already made 25% provision on JP being declared NPA. They should be smart and take the hit now. If they wait , they might end up with nothing as courts might order JP to sell their assets to complete flats they have delayed delivery on to their customer and might even impose massive penalties. That would be a good outcome for customers, but terrible for the banks. So, from their perspective , liquidation is the best option.

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            • Re : Jaypee Greens Wishtown, Noida

              Originally posted by Truenity View Post

              It is much better to liquidate immediately than to continue to throw money into a perennially loss making business. Savings will include the massive salaries paid to JP employees, several crores paid in lawyers' fees. In case JP loses one of the several court cases against them , it could cost thousands of crores. Some foreign banks have already sold their loans to vulture funds at a greater than 50% loss and moved on. Domestic banks have already made 25% provision on JP being declared NPA. They should be smart and take the hit now. If they wait , they might end up with nothing as courts might order JP to sell their assets to complete flats they have delayed delivery on to their customer and might even impose massive penalties. That would be a good outcome for customers, but terrible for the banks. So, from their perspective , liquidation is the best option.
              But what will happen to the GC? There is no FAR left so its not like they can sell that land and construct more apartments there?


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              • Re : Jaypee Greens Wishtown, Noida

                Originally posted by Imperialnoid

                But what will happen to the GC? There is no FAR left so its not like they can sell that land and construct more apartments there?

                It's not that FAR has not been increased before. In this case, it can even be done in the garb of public interest, as the funds generated from converting the golf course into a concrete jungle can be claimed to be for the purpose of completing the stuck towers in Wishtown, Aman and Sports City. Builder lobby and non GC side customers of JP will both be happy with this solution.

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                • Re : Jaypee Greens Wishtown, Noida

                  only Bahubali can save this Mahesmati

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                  • Re : Jaypee Greens Wishtown, Noida

                    I doubt that.

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                    • Re : Jaypee Greens Wishtown, Noida

                      Halwa Hai Kya? Changing Master plan is not a peice of cake.
                      I doubt that golf course can be used for further construction. There will be protests from residents arounf the golf course due to change of master plan. Golf Club members have paid for this facility. Golf COurse has been included in Noida Master Plan.

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