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Jaypee Greens Wishtown, Noida

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  • Re : Jaypee Greens Wishtown, Noida

    Some facts/questions that might help everyone:

    1. Jaiprakash Associates (JAL) is the parent that owns 71.64% of Jaypee Infratech Limited (JIL) which is a separate publicly traded subsidiary. Source: Pg. 2 from JAL%20Investor%20Presentation%20-%20Nov'14_vF.pdf

    2. JIL (not JAL) defaulted on its loan payment of INR 526 cr to lender consortium led by IDBI. IDBI took JIL to NCLT. NCLT accepted the insolvency application. Source: 1.pdf

    3. JIL still has a market cap of INR 2,500 cr, which means the market believes that the equity in JIL is still worth something. Home owners are unsecured creditors and rank lower than banks (secured creditors) but rank higher than equity holders. If equity is worth something, then the home owners by logic should not lose money.

    4. If for a second I assume JIL going bankrupt = JAL's 71.64% stake in JIL becoming 0 = JIL projects affected but JAL projects fine? This seems a bit weird and I find it hard to believe. There is always cross collateralization, but can someone who has insight explain this?

    5. I checked my application form (I have an apartment in Kalypso) and the counterparty is JAL. Does this mean JAL is unaffected by the NCLT proceedings since the debt was at the JIL level and only JIL is being restructured?


    As a side note, from June 2017:

    Lenders have spared Jaiprakash Associates from insolvency proceedings after clearings its loan recast package. However, group company Jaypee Infratech is set to be referred to the National Corporate Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC).

    http://smartinvestor.business-standa...m#.WY4GpFGGPVs
    Attached Files
    Last edited August 12 2017, 01:07 AM.

    Comment


    • M Sinha
      M Sinha commented
      Editing a comment
      Besides, with nearly 32000 units with average price of nearly a crore, the collection from buyers is almost to the tune of 32 thousand crores. where did this money go? The banks outstanding is less than a thousand crore, still leaves 29 thousand crores to explain for. and now they're saying an injection of a 1000 crore will revive it. Is that all thats needed to do all the pending construction? then they've sold us the houses at a vey steep profit. they should be flush with the money they collected from us.

    • M Sinha
      M Sinha commented
      Editing a comment
      We should get organized and file a case in the consumer court and then Supreme court.
      Last edited August 15 2017, 01:55 AM. Reason: personal information

    • sachdeva51
      sachdeva51 commented
      Editing a comment
      In most cases when loans are given by banks, they take personal guarantees from promoters as well as guarantees from the parent companies and in many cases group companies also is also taken.

      Since JIL is 71-72% owned by JAL.If lenders are unable to recover their money from JIL, they may have given guarantees for JIL debt. So JAL flat owners are probably not off the hook.

  • Re : Jaypee Greens Wishtown, Noida

    Where is Jaypee's favorite son dineshsays . He was an avid writer about JP projects and he hoodwinked many people to buy JP projects. Used to post photographs every week.

    Comment


    • Re : Jaypee Greens Wishtown, Noida

      Jaypee insolvancy case: Noida Authority to secure Wish Town home buyers' interest

      Authority CEO Amit Mohan Prasad said they would soon come up with a plan to secure the interest of over 32,000 homebuyers in the Jaypee Wish Town projectSharmila Bhowmick | TNN | August 12, 2017, 07:51 IST

      NOIDA: Noida Authority on Friday asked homebuyers in the project not to panic, with the National Company Law Tribunal admitting an insolvency petition filed by IDBI Bank against the debt-ridden real estate group.

      Authority CEO Amit Mohan Prasad said they would soon come up with a plan to secure the interest of over 32,000 homebuyers in the Jaypee Wish Town project. “We will not allow their hard-earned money to go down the drain. We will take the strictest action against the developer in case it flouts laid down norms,” he told TOI.

      Jaypee had in April this year promised to deliver 32,000 units in the Wish Town project by 2020. Till now, possession has been given only to 6,500 homebuyers.

      In the wake of the development, Noida Authority is all set to build pressure on defaulting builders of group housing projects in the city.

      Officials said the Authority would soon send pay-up notices to builders of 94 projects in the city for defaulting in payments due in lieu of land allotted to them for construction of group housing societies. The dues are to the tune of Rs 11,000 crore.

      They said defaulters would be given 15 to 30 days to clear their dues, failing which their lease deeds could be cancelled. “We will soon announce a workable schedule and payment plan for the defaulters so that they can start clearing their dues,” AK Rai, additional CEO (ACEO), Noida Authority, told TOI.

      “However, Jaypee does not owe anything to the Authority as the land for its Wish Town project was given free as per the Memorandum of Understanding for construction of the Yamuna e-way,” the CEO said.

      In a related development, Noida Authority has sought permission from the state government to take over unsold residential units in half-a-dozen projects of Amrapali group. The aim is to use the proceeds from the sale of this unsold inventory to help thousands of homebuyers get possession of their homes.

      Amrapali group owes the Authority over Rs 1,200 crore and has to deliver nearly 30,000 residential units to home buyers. Letters have been written to the UP principal secretary (industries) Alok Sinha. Once a nod is received from the state government, the Authority will work out a detailed plan for the same. The same plan can then also be implemented in other defaulter cases, said officials.









      http://realty.economictimes.indiatim...erest/60029535

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      Comment


      • Re : Jaypee Greens Wishtown, Noida

        Originally posted by Grenoite


        Sirji, please allow TRUENITY sir to post again, maybe he break some rule, but sir he was only person who post very true picture, in this time of confusion i think he is best person to post, as he bring many correct story everytime

        TRUENITY sir, if you read this, please sir, you have best knowledge but i humble request, donot make fight or get into bad discussion, it solve no purpose, You have Top knowledge everyone knows, but your writing style make only neutral. Facts always show true when time pass,

        PLease manoj sir, you can warn him but bring him back, thank you sirji
        His suspension was over some time back . He seems to have chosen not to post on the current developments . There are no restrictions on him to post from about a week back .
        Please read IREF rules | FAQ's

        Comment


        • iislam
          iislam commented
          Editing a comment
          Mr. Moderator/Any one want to let me know what options are there for me. I have a flat in Tower KM 72A. I am outside country.
          I will be grateful.

        • Magadh_Pride
          Magadh_Pride commented
          Editing a comment
          Must have made another ID and continued posting his baseless posts

      • Re : Jaypee Greens Wishtown, Noida

        NCLT Bankruptcy proceedings are WRONG approach to solve JP situation. Of course JP is Bankrupt but before talking about any kind of revival plan or liquidation. The BIGGEST question is how did JP Fail? JP management as well as Govt Babus should be put to investigation for their criminal malpractice and fraud. Where did all the bank loans go? Where did all the home buyers money go? Why JP didn't built homes even when they had all the money to build it? Where did the funds go? Where were they siphoned off? Who were the people involved in all the wrong and illegal decisions that sunk JP?

        Govt is covering up all these critical questions by simply putting JP through Bankruptcy. JP management, Govt officials, Bank CEOs who were responsible for huge criminality behind the collapse of JP are let off. Now home buyers are thrown under the bus to cover for incompetence and corruption of JP as well as Govt.



        Things JP buyers needs to do.


        1. Become a party in NCLT proceedings. Technically and legally, home buyers have no stake in these proceedings. BUT PRACTICALLY, they have the greatest stake in these proceedings. For Banks, JP represents some red ink on their balance sheets. But for JP buyers, their LIFE savings are put into their home purchase. All JP buyer associations should join and raise claim in NCLT. They must claim for guarantees for completion of their homes.

        Its likely that home buyer will be given zero or very little claim in NCLT. If NCLT proceeds without giving justified claim to home buyers, home buyers should approach Supreme Court and halt the proceedings of JP Bankruptcy in NCLT. Home buyers should petition SC to get their justified claim to safeguard their interest in Wish Town. This is one of a kind case. Whereas creditors legally have the greatest stake in JP liquidation. But can 30000 home buyers simply thrown under the bus in name of cleaning balance sheets? NCLT has to show some maturity in this case. If they don't, SC must do it.

        2. JP home buyers should prepare massive Dharnas. Protest against JP as well as UP Govt. Buyers association must become very ACTIVE now. Organize protests regularly. Get news media attention. Also must meet UP CM Yoginath. Explain him how interest of 30000 home buyers are at risk who have invested their life savings.

        3. JP End users presently staying in WT should join hands and elect an RWA. Prepare for contingency plans for future of maintenance and welfare of society. Raise funds for joint legal defense and other sorts things for welfare of buyers.

        4. Must be vigilant of people who are deceiving you - JP management, JP brokers, some JP investors etc. They have been spreading misinformation about JP since last several years. They talked about JP's turnaround plans. They assured you that JP's future is secure so buy JP stocks and WT property. Now they are nowhere to be seen. But they will be back soon spreading more disinfo.


        Comment


        • M Sinha
          M Sinha commented
          Editing a comment
          please get in touch over mail and try and form a group of the buyers.

        • vaibha4096
          vaibha4096 commented
          Editing a comment
          60 child died cold blooded. Nothing happened.

        • rajan640
          rajan640 commented
          Editing a comment
          @Vaiba, How this is realted to thread topic?
          Do not bring in non-related political issues in discussion.

      • Re : Jaypee Greens Wishtown, Noida

        Do we believe him ?

        https://www.youtube.com/watch?v=Aq2l-gBOf9k

        Comment


        • ashishew
          ashishew commented
          Editing a comment
          I dont. Similar promises have been done and ignored before.

        • M Sinha
          M Sinha commented
          Editing a comment
          besides this is i think an old one.

      • Re : Jaypee Greens Wishtown, Noida

        http://m.timesofindia.com/city/noida...w/60037389.cms

        Comment


        • Re : Jaypee Greens Wishtown, Noida

          Originally posted by Grenoite


          Sirji, please allow TRUENITY sir to post again, maybe he break some rule, but sir he was only person who post very true picture, in this time of confusion i think he is best person to post, as he bring many correct story everytime

          TRUENITY sir, if you read this, please sir, you have best knowledge but i humble request, donot make fight or get into bad discussion, it solve no purpose, You have Top knowledge everyone knows, but your writing style make only neutral. Facts always show true when time pass,

          PLease manoj sir, you can warn him but bring him back, thank you sirji
          Hello ,
          Yes Truenity Sir had called the JP;s "bluff " correctly .He should continue to guide gullible customers .
          Truenity , please comeback.

          Thanks

          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?
            AFAIK, Only the first 3 projects launched were under JP Associates- Pavilion Court, Kalypso Court and Imperial Court.

            Rest under JIL

            Comment


            • mrgup12
              mrgup12 commented
              Editing a comment
              I have a flat in Pavillion heights 4 and it is also with JP associates. Does this come under the NCLT proceedings?

          • Re : Jaypee Greens Wishtown, Noida

            TOI

            Jaypee Infra projects will go on: Noida Authority

            Vandana Keelor | TNN | Aug 13, 2017, 06:03 AM



            NOIDA: The Noida Authority on Saturday said insolvency proceedings against Jaypee Infratech would not come in the way of construction work at its delayed housing projects, including Wish Town.


            The announcement was made by Noida CEO Amit Mohan Prasad after a meeting with Jaypee Infratech managing director Manoj Gaur, senior officials from IDBI Bank, which has filed the insolvency plea at the National Company Law Tribunal (NCLT), and the interim resolution professional appointed by NCLT. Prasad also said 500 units at Wish Town, Jaypee's mega housing project in Sector 128, could be delivered in September.


            Prasad said he has directed Gaur to draw up a resolution plan, which is to be submitted to NCLT, in the interest of homebuyers. The CEO also said that he had asked the realtor to ensure work at Wish Town, where nearly 27,000 flats are still to be delivered, does not stop. "I have asked the builder to make sure construction work in the township across 26 projects does not stop and completion of units is achieved," Prasad

            The Noida Authority will continue to give completion certificates to Jaypee's projects as soon they are completed and the company applies for it. "This will ensure homebuyers will continue to get possession of their houses after the registration process is complete," Prasad said. "In the last month, the builder handed over possession of about 1,000 residential units. The company is likely to hand over possession of another 500 units next month. This process will continue and buyers need not panic," he urged.

            Prasad has also asked Gaur to keep communication channels open with the homebuyers. "I have asked Gaur to keep homebuyers abreast of the situation being faced by the group," he said.

            Jaypee had promised to complete 6,000 flats at Wish Town by March 2018, 8,000 more in 2018-19 and the remaining by 2020. It has already delivered 6,500 flats. Jaypee did not respond to calls for a comment. Interim resolution professional Anuj Jain made a public announcement, asking creditors of Jaypee Infratech to submit proof of their claims on or before August 24.

            URL: h://timesofindia.indiatimes.com/city/noida/jaypee-infra-projects-will-go-on-noida-authority/articleshow/60040937.cms

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