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Jaypee Greens Wishtown, Noida

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Jaypee Greens Wishtown, Noida

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  • Re : Jaypee Greens Wishtown, Noida

    Yes, the banks didn't want to push JP into bankruptcy because the liquidation value of the company's assets is less than the money owed to banks. However , RBI has now given them the danda and they have no option but to go along. Once the case is admitted into NCLT, it will proceed to the liquidation phase , essentially on autopilot.

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    • Re : Jaypee Greens Wishtown, Noida

      http://m.economictimes.com/news/poli...w/59789604.cms

      If rbi is the only authority and its directives are all powerful, what happened here?
      a cat not able to catch mice will scratch the pillar in frustration

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      • Re : Jaypee Greens Wishtown, Noida

        So far the cost of flat include taxes like Excise, VAT, Entry , Service tax etc roughly about 25% and padded on to buyers by builders.

        Out of above only Service Tax abot 6% was visible in cost of flats.

        Now under GST , Gov't has imposed 12% tax which will be offsetted by input credit available (25%)

        But overflow of input credit (25%-12%=13%) is disallowed to builders.

        It means this 12% should not be charged from buyers.

        It literally means cost of property should be less at least 6.5% to the tune of service tax chargable

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        • Re : Jaypee Greens Wishtown, Noida

          The question by Mr raabta reflects his utter ignorance and exposes his agenda of provoking me as the RBI had absolutely nothing to do with the matter discussed in the news story.
          Last edited by Malvish; July 28 2017, 12:47 PM. Reason: user tag

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          • raabta
            raabta commented
            Editing a comment
            The question was not even directed to you.
            You say RBI has given them the danda and they have no option but to go along

            In this case they did not go along. What happened? Did RBI's danda became toothpick?

        • Re : Jaypee Greens Wishtown, Noida

          Originally posted by Truenity View Post
          The question by Mr raabta reflects his utter ignorance and exposes his agenda of provoking me as the RBI had absolutely nothing to do with the matter discussed in the news story.
          You are saying that liquidity is imminent.
          The article proves you wrong.
          a cat not able to catch mice will scratch the pillar in frustration

          Comment


          • Re : Jaypee Greens Wishtown, Noida

            Liquidity, who said anything about liquidity. That's not happening. Wishtown will be made. Sabka perspective:


            1. RBI - wants to ensure npa's are not let off easy and banks actually get some money back
            2. banks/lenders - to get their money from Jaypee and flat owners
            3. Buyers - to get their flats
            4. Authorities - to get their extended dues for the plot of land as they had to pay farmers more than envisioned OR get land back
            5. Jaypee - somehow walk away from this unscathed (and not in Jail)
            6. IP - make some money in any case and increase THEIR chances of a payout
            7. Govt - possibly to make money any which way but from the looks of it - act as the saviour vis-a-vis previous (uncaring) govt with a view towards next elections

            Let me tell you all this - the ONLY way all of this will happen is to NOT liquidate and for WT to get completed.

            Try and liquidate Jaypee Infra - see what you get - thainga (only because the concessionaire agreement says no - lease wise cancel Nahin hogi kuch sau crore ke liye)


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            • raabta
              raabta commented
              Editing a comment
              I absolutely agree. This is logical and everybody wins.

          • Re : Jaypee Greens Wishtown, Noida


            Tindin's arguments make a lot of sense. In fact, they are the same arguments that have been made for over 5 years to continue the status quo. Unfortunately, neither the banks nor the customers have gotten anything out of it.

            What Tindin doesn't realize is that the IBC referral is a complete game changer. Even if banks don't want to go down the bankruptcy option, they have no choice anymore, as the process has essentially been taken out of their hands and will now be driven by the resolution professional appointment by the NCLT.

            By the way, about the supreme Court intervention in the insolvency case, it is very clearly stated that the SC has acted using its special powers as a one-off case and not given a legal opinion that establishes a precedent. So, it has no impact on any other insolvency case.
            Last edited by MANOJa; July 28 2017, 03:38 PM.

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            • Re : Jaypee Greens Wishtown, Noida

              Kya Baat Kar rahe ho Truenity sahab.

              nothing is game changer, infact how do u know it is a game changer, it has never happened before

              let me tell u what I know. A friend who works with Jaypee knows the actual KPMG ppl involved in this

              When asked how they intended to turn around the business, they were clueless, you think they know how to approach geographic centric, domain specific businesses - Unhe Jaypee se zyaada pata hai ki township mein customer ko kaise patana hai ya contractor ko kaise nachana hai ya authority ko Kaise ghumana hai

              Jaypee is from these parts of the woods of western UP and have huge respect because of Senior Gaur sahib.

              KPMG is good at improving processes or micro level improvements

              The mandate with KPMG is to broker an effective deal so most stakeholders walk away happy

              Nahin mante to NA maano, samey Sab bata Sega. Ho Sakta hai aap hi correct hon

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              • Re : Jaypee Greens Wishtown, Noida

                Originally posted by Tindin View Post
                Kya Baat Kar rahe ho Truenity sahab.

                nothing is game changer, infact how do u know it is a game changer, it has never happened before

                let me tell u what I know. A friend who works with Jaypee knows the actual KPMG ppl involved in this

                When asked how they intended to turn around the business, they were clueless, you think they know how to approach geographic centric, domain specific businesses - Unhe Jaypee se zyaada pata hai ki township mein customer ko kaise patana hai ya contractor ko kaise nachana hai ya authority ko Kaise ghumana hai

                Jaypee is from these parts of the woods of western UP and have huge respect because of Senior Gaur sahib.

                KPMG is good at improving processes or micro level improvements

                The mandate with KPMG is to broker an effective deal so most stakeholders walk away happy

                Nahin mante to NA maano, samey Sab bata Sega. Ho Sakta hai aap hi correct hon
                Tindin Sir and Members ,
                This is without prejudice to anyone .

                Let me provide some snippets about this JP Group and its founder with help of my forty one years of experience .

                Mr. JP Gaur has done diploma in civil engineering and worked as juinior engineer in the Uttar Pradesh irrigation department, but he was suspended of the charges of corruption and after that he started his own business which later on became the Jaypee Group. This company was started as civil contractor business.He took some grant (initial money )from his paternal aunt ( Bua Ji) and started as a "pioneer" . Once he flourished, he bought residential plots for his family and Bua's family, of-course, due to the high esteem for Bua Ji, in Vasant Vihar Delhi (and also commercial plots , which are now used as JayPee Vasant - Siddharth Continental hotel and JA house). As he has high regards and obligation for Bua Ji , so he always buy gifts ( as an example, say gadgets like air conditioners) first for extended family(read Bua Ji's clan ) and subsequently for his own family .
                Note - This Vasant vihar hotel and another hotel called JayPee siddharth hotel in Pusa Road, Karol Bagh area are worst( 4/5 star )hotels of our country .So no focus ever on customer delight, leave alone customer satisfaction.
                So much for the preliminary source of business capital .
                JP group tried to expand with break neck speed and seem to have bitten more than it could chew . It surely had excellent rapport with BSP party/government , which catapulted them into "major" real estate player . Some other day, I would comment on their power, hydro power , cement business -current and erstwhile.
                But, surely , fraudster is an apt moniker for them .
                So called new ventures of theirs - hospital. college, hotel, Grand prix formula one have indeed proven to be their nemesis, inherently due to their bad intention of money laundering and siphoning of fund into same . Mind it , if proven legally , this money laundering is indeed a very serious crime which can result in severe punishment .

                I have never met senior Gaur - hat is. Mr JP Gaur ,so may give him benefit of doubt , but the current CMD Manoj Gaur does not deserve any sympathy , whatsoever. Surely man, this guy has mesmerizing or rather hypnotic abilities to influence his stakeholders and audience.. As an example, If you meet him and talk to him, you will start singing his tune !

                Though , I can go on and on , but my aim is just to highlight the crux, that, JP group had traveled to great heights , due to this misnomer called reputation and too big to fail syndrome . Now it is in all shatters and aggrieved party should rely on legal recourse without giving benefit of doubt to anyone .Customers should build pressure on JP owners., so that they do an honest introspection, as why the owners are still living in 100 crore rupee plus houses , flying in private airplanes, driving luxury cars , when the customers' life has been made miserable !

                Peace .

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                • Re : Jaypee Greens Wishtown, Noida

                  Originally posted by disposition View Post
                  Full disclosure: I own a property in JP.

                  I still rate the entire project to be in critical danger.

                  I like enthusiasm of a few members. I've supported JP WT for years in the past. But fact is that it would be wholly incorrect for anyone to say that the situation has changed drastically. Whoever says that pressure from buyers must continue is doing US a favor. It is a HUGE project which is still YEARS from delivery. JP is still a BIG defaulter & a big risk factor. Don't let anyone fool you otherwise.

                  We've put our sweat & blood into these properties & we cannot let a board run by incompetent businessmen - who got to their positions because of nepotism & not experience or qualifications - run our earnings & dreams into a sinkhole.

                  Some minor battles may have been won, but prospects of the war remain bleak.

                  If after 10 years of wait, JP puts labor on the field or pays some defaulted overdue installments/ payments - it does not make this mammoth defaulter of an enterprise a saint.
                  We need to keep the pressure on.

                  What is the point of expensive properties if towers in the neighbourhood are unfinished & ghostly?
                  What's the point of a Golf Course where club-house / premier towers have been under construction for eternity & will remain God knows for how long?


                  They took our money, blew it up. And are now struggling to fund construction. Compared to a multi-billion dollar enterprise, we as individuals are small fry. We need AT LEAST a good 2 years of solid & steady work to regain any sort of faith that WT will actually emerge anywhere close to what we were told.

                  Don't be fooled by anything else. The proof is in the pudding. Those who've been invested in JP for 10 years have seen how badly the investments have fared. All through this, we've been sold on the idea that 'NOW things will change for the better'. No. Things will get better when we see WT close to being finished - and even with full labour and effort that is 5-10 years away.

                  I regret not having invested in adjoining areas where returns in the same period have been nearly TWICE of WT.

                  Fool me once, shame on you. Fool me twice, shame on me.
                  What is the Risk in buying RTM registered property?

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                  • ashishew
                    ashishew commented
                    Editing a comment
                    I dont see any.
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