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Jaypee Greens Wishtown, Noida

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Jaypee Greens Wishtown, Noida

Last updated: August 17 2020
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  • Re : Jaypee Greens Wishtown, Noida




    The Allahabad bench of the National Company Law Tribunal on Wednesday accepted lender IDBI Bank’s plea and classified Jaypee Infratech as an insolvent company.

    With this, the board of directors of the company remains suspended. The Tribunal will now appoint an insolvency resolution professional -- an official from one of the seven accounting firms selected for this purpose. The professional will sit with Jaypee’s creditors to see if a resolution of the company’s debt is possible.

    The appointed official will get 270 days to turn around the company's finances. In case the turnaround doesn’t happen, the company’s assets will be liquidated.

    Jaiprakash Associates, the flagship company of the Manoj Gaur-owned group, has 71.64% stake in Jaypee Infratech. Jaypee Infratech is one of the 12 companies that were referred to the NCLT by the Reserve Bank of India for admission under the insolvency code.

    Besides Jaypee, the list of 12 defaulters includes Monnet Ispat, Jyoti Structures, Electrosteel Steels, Amtek Auto, Essar Steel, Bhushan Steel, Bhushan Power and Steel, Jaypee Infratech, Lanco Infratech, ABG Shipyard, Alok Industries and Era Infra & Engineering.

    The seven accounting firms mandated to nominate officials who will oversee the debt resolution exercise at these companies are PwC, Deloitte, KPMG, EY, BDO, Grant Thornton and A&M.

    As on March 31, 2017, Jaypee Infratech had borrowings of Rs 8,365 crores and an interest service coverage ratio of less than zero, implying an inability to service its debt.

    The admission of IDBI Bank’s plea in NCLT is a big setback to thousands of buyers of various properties that were being set up by Jaypee in Noida, Greater Noida and elsewhere. Under the current circumstances, the secured lenders of Jaypee will have the first right to the company’s assets.

    In case the lenders are unwilling to convert their debt into equity, there will no option but to liquidate the company, leaving the buyers of the company’s under-construction properties with little choice. These buyers have filed cases against the company at various consumer courts in the country. The projects, already delayed by four years, include Kensington Boulevard, Aman, Kassia, Kalypso, Klassic, Krescent and Cosmos.

    Jaypee Infratech had proposed to build 32,000 flats, excluding some plot properties, across various projects in the Wish Town city spread across 5 sectors in Noida along the Yamuna Expressway. Flats, penthouses, villas and plots were all part of these projects.

    Jaypee’s Wish Town is one of the five integrated townships that the company planned to build over 25 million square meters of land. The development plan included commercial, amusement, industrial, institutional and residential purposes across the five locations—one in Noida, two in district Gautam Budh Nagar and one each in Aligarh and Agra.

    http://www.moneycontrol.com/news/bus...y-2355801.html

    Comment


    • Re : Jaypee Greens Wishtown, Noida

      Jaypee is in news about Bankruptcy proceedings. Court has appointed special CEO for revival of company under time frame of 6-9 months. After which company will be liquadated and creditors will get their money as per directions of NCLT court.

      Comment


      • Re : Jaypee Greens Wishtown, Noida

        What Are the Priorities Under Which Money Realized Upon Liquidation is Applied?

        Upon liquidation, the proceeds realized from a company’s assets will first be applied by the liquidator towards workmen’s compensation payments and payments to secured creditors to the extent such secured creditors have paid any money to the liquidator for workmen’s compensation out of the proceeds from the sale of assets underlying their security interests. Thereafter, all remaining realized funds are used to pay expenses incurred during the liquidation, including the liquidator’s remuneration. Finally, the realized funds are distributed on a pari passu basis to:
        • taxes due to the central/state government or any local authority
        • employees’ wages/salaries
        • accrued holiday remuneration due to employees
        • amounts due in respect of contributions payable as an employer under the Employees’ State Insurance Act 1948 or any other law
        • amounts due in respect of any compensation or liability for compensation under the (Indian) Workmen’s Compensation Act (1923) due to the death or disablement of any employee
        • sums due to any employee from a provident fund or any fund for the welfare of employees
        • expenses of any investigation held in certain circumstances
        • claims of unsecured creditors
        • payments to shareholders, according to their rights and interests

        Comment


        • Re : Jaypee Greens Wishtown, Noida

          Jaypee Bankrputcy proceedings will shake the entire Noida RE market. Some of the upcoming events and consequences.


          1. Resale in all JP properties will come to a halt as people will stay away from JP. You will see many distress sales in near future.

          2. JP bankrputcy will have cascading effect on other Noida builders. If creditors can take down too big to fail elephant JP. What chance do other small builders have?

          3. Expressway development will significantly slow down. RE on expressway will be depressed for long time as a lot of projects here will come to a halt starting with Jaypee which owns the largest chunk of expressway land.

          4. Market for U/C will be depressed. GST and Demonitization has already dented u/c market. Now Bankruptcy of builders and RERA clean up will further depress RE market. Buy u/c at your own risk and cost.

          Comment


          • jpkrak
            jpkrak commented
            Editing a comment
            comment revoked
            Last edited August 11 2017, 05:21 PM.

        • Re : Jaypee Greens Wishtown, Noida

          Reposting for people affected by the recent developments;
          You will have to file a claim with NCLT Allahabad before August 24th. I am trying to find out the process for it as it is not very clear. But first step could be to get in touch with Mr. Vikram D Chauhan who is the advocate at allahabad high court representing homeowners association. I have been only able to find 2 contact numbers but no answer so far, maybe you will have better luck: +(91)-532-2466506, +(91)-9415215953. Good luck and keep us updated.

          Comment


          • iislam
            iislam commented
            Editing a comment
            For those who are outside the country and have invested, what are options? Id there any website to download the form etc?
            I have Flat in Kosmos Tower KM-72A

          • M Sinha
            M Sinha commented
            Editing a comment
            please lets try and form a group on mail or what app also. some of us are abroad but want to be of help and in the loop. also read this
            http://economictimes.indiatimes.com/...w/54034951.cms
            we should challenge the insolvency itself
            Last edited August 15 2017, 01:51 AM. Reason: personal information

        • Re : Jaypee Greens Wishtown, Noida

          Hi,

          Can someone pls tell is Kasa Isles under JIL or JAL???And will JAL projects shall also have to file claims or get affected with insolvency?

          Comment


        • Re : Jaypee Greens Wishtown, Noida

          For those who are outside the country and have invested, what are options? Id there any website to download the form etc?
          I have Flat in Kosmos Tower KM-72A

          Comment


          • Re : Jaypee Greens Wishtown, Noida

            URGENT/ IMPORTANT : HALLA BOLLLLLLLLLLLLLLLLLL PROGRAMS,
            Dear All,
            Based on feedback of buyers on the ground today, following is the plan for tomorrow.
            ... PROTEST of JP WT HOME BUYERS on 12th August(Saturday),9.30 AM IST
            at Jaypee Sales and Marketing office, Sector 128, Noida
            Please join this Protest in large numbers along with your families. Please carry enough water, umbrella, hats ,medicines(diabetics/sugar/BP patients) etc

            Comment


            • M Sinha
              M Sinha commented
              Editing a comment
              please try and form a group on mail or what app also. some of us are abroad but want to be of help and in the loop.
              Last edited August 15 2017, 01:55 AM. Reason: personal information

          • Re : Jaypee Greens Wishtown, Noida

            Originally posted by Raojee View Post
            There is some hope that JIL's debts may be paid off. These buggers have a huge amount of assets still. Now that their books are opened to scrutiny, a lot more will be found out about their assets or even Group assets. But more urgently, all the different Jaypee buyers' groups need to hit the streets and stage massive demonstrations, gherao of Noida Authority, YEIDA, MP, DM, CM and enlist the media so that they are very much on the radar.
            Home buyers will lose...First banks will get their dues and I am sure even banks will not be able to recover more than 25% of their money...Home buyers have no chance...There is no meaning of false assurances as the same have been given from last 5-7 years....Its a given that Home buyers have lost their hard earned money...Money is as usually siphoned off...

            Comment


            • Re : Jaypee Greens Wishtown, Noida

              Originally posted by shikha6410 View Post
              Hi,

              Can someone pls tell is Kasa Isles under JIL or JAL???And will JAL projects shall also have to file claims or get affected with insolvency?
              JIL or JAL does not matter as neither homes, Land nor money will be given...All money is siphoned off...

              Comment

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