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Jaypee Greens Wishtown, Noida

Last updated: 19 hours ago
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  • Re : Jaypee Greens Wishtown, Noida

    ET Realty




    Jaypee buyers anxious over company insolvency proceedings
    The projects, already delayed by four years, include Kensington Boulevard, Aman, Kassia, Kalypso, Klassic, Krescent and Cosmos

    Sharmila Bhowmick | TNN | August 11, 2017, 12:30 IST

    NOIDA: Jaypee Wishtown homebuyers have pushed the panic button with the company presently listed for insolvency hearing at the Allahabad bench of the National Company Law Tribunal. The buyers have started a social media campaign on micro-blogging site, Twitter with hashtag, Jaypeescam where the buyers are upholding the plight of the buyers invested in Jaypee projects. The wishtown buyers also mentioned that they may organize protests further to this to get the attention of the government on their issue.

    “We are aware of the listing of Jaypee group at the Allahabad bench of the National Company Law tribunal where IDBI’s plea against Jaypee Infratech as an insolvent company is being heard. We have heard that the Tribunal will now appoint an insolvency resolution professional. While there are nine months’ time for the finance professional to turn the project around, we wonder what will be the impact on the buyers once the company is declared insolvent,” Pramod Kumar, a member of Jaypee Wishtown buyer’s group, said.

    “With primary information on the proceedings, we have learnt that if turn around does not happen, there will be no option but to liquidate the company, leaving the buyers of the company’s under-construction properties with little choice. This also means that all the cases against the builder made by buyers of various projects would become null. What justice will the buyers get?” Kumar asked.

    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 project along Yamuna Expressway. Flats, penthouses, villas and plots were all part of these projects.

    “We need some clarity on the legal ramifications of the situation on the buyers. Will the buyers finally get their houses finally no matter which way the insolvency case swings? Will our interests be protected? We will once again take to protests so that our queries are answered” Kumar further said. Calls made to Jaypee top management seeking comment on the issue, went unanswered.


    URL: http://realty.economictimes.indiatim...dings/60014943

    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 by Malvish; 1 week ago. Reason: personal information

  • Re : Jaypee Greens Wishtown, Noida

    Originally posted by vimalluthra View Post

    Thanks . Seems a very old Page . Kosmos promised 2012 delivery . What a Shame ! My flat under JIL . Disgusting !!!!!
    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


    • Re : Jaypee Greens Wishtown, Noida

      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.

      Comment


      • Re : Jaypee Greens Wishtown, Noida

        I heard that Investors Clinic is helping in transferring your Property from JP to other project like Supertech, Home and Soul, Ace etc.

        Comment


        • devendra.k
          devendra.k commented
          Editing a comment
          How they will transfer?
          who will buy in Jaypee in current situation ?

      • Re : Jaypee Greens Wishtown, Noida

        The National Company Law Tribunal (NCLT) appointed an insolvency professional on Thursday for Jaypee Infratech, providing thousands of buyers in Jaypee projects two weeks to raise claims related to their flats or plots as part of a court-driven attempt to put in place a revival plan for the developer's much-delayed housing schemes in a maximum 270 days. Sources told TOI the insolvency professional will invite claims either over the weekend or on Monday as the law requires that claims be invited in prescribed forms within three days of NCLT's order.

        Flat buyers, as well as banks which have given them home loans, along with other lenders, creditors, vendors and employees will get time till August 24 to make their claims.

        This is being seen as a test case for the real estate sector and millions of home buyers who have invested their life savings for their dream homes. The introduction of Rera and the insolvency code has brought hope for buyers who have not been handed over apartments even after a decade.

        Among Jaypee's pending projects is the 800-acre Wish Town in Noida's Sector 128, which has 32,000 apartments. Of these, just 5,500 have been delivered. Jaypee has promised to complete another 6,000 flats by March 2018, 8,000 more in 2018-19 and the remaining by 2020. Jaypee did not respond to calls for its reaction to the development.

        NCLT has appointed Anuj Jain as CEO of the company. Jain will have six months to revive the company, which can be extended for three months. But after that, assets will have to be sold to recover banks' money. Jaypee Infratech is among the dozen companies identified by the Reserve Bank of India for a fast-track resolution through the new insolvency and bankruptcy code.

        The company has a total debt of around Rs 8,000 crore. A banker said the company has four parcels of around 1200 acres each on Yamuna Expressway, besides land on the Noida-Greater Noida Expressway. But owing to poor market sentiment, it cannot monetise the land parcel by selling it. At the same time, banks are not ready to accept land against dues.

        Projects on around 300 acres in sector 128 of Wish Town are being developed by Jaiprakash Associates Ltd (JAL). A company source said JAL is trying to complete the part of Wish Town which is being developed by it. The companies that have been put on RBI's list are seen to be those that have so far failed to deliver on their promise to clear dues to banks. Jaypee has sold several assets, including its cement and power business, to reduce its massive pile of loans and raise funds to complete the long held-up real estate projects. While the law allows for liquidation if no plan is worked out within 270 days (including a 90-day extension), a banker said the idea is to try and revive the projects since a real estate scheme with thousands of homebuyers cannot be treated in the same manner as a steel or a power plant. Recommended By Colombia



        While a committee of creditors will collate the claims of lenders to Jaypee Infratech, it will also undertake a valuation of assets and liabilities of the company, including those of its subsidiaries.


        "It is possible that in one tower there are unsold flats, and some where part payment has been received. It makes the task a little complicated. The insolvency professional will have to undertake a projectwise exercise and then consolidate it," explained a source.

        Unlike the past, when Jaypee told flat buyers that it is tying up funds, it will have to not just put down its intent during the tribunal-driven exercise but also come up with comfort and sanction letters from banks, and reveal all funding sources.

        In the worst case scenario of liquidation of the company , the interest of flat buyers will come after that of the banks, which have extended loans to the company.

        http://timesofindia.indiatimes.com/b...w/60013164.cms

        Comment


      • 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 by jpkrak; 1 week ago.

            • 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 by Malvish; 1 week ago. Reason: personal information
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