In what can be considered as a huge setback to homebuyers of Jaypee group, the Allahabad bench of the National Company Law Tribunal on Wednesday declared Jaypee Infratech as an insolvent company. Homebuyers are now unsure whether they will be able to possess their homes for which they have been waiting for years and have invested their life-long earnings. The NCLT appointed an insolvency professional, declaring Jaypee as an insolvent company. It has given 2 weeks time to the thousands of buyers who have invested in Jaypee projects to file claims for their plots, flats, etc.
The Allahabad bench of NCLT has appointed Anuj Jain as the Interim Resolution Professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code, in terms of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Mr. Jain has to make a public announcement inviting claims of creditors of the Debtor Company in an English newspaper and the website of the Debtor Company within a stipulated time period.
Jaypee group was found to have defaulted on Rs 526.11 crore loan outstanding to IDBI. The Jaypee group is selling its assets to reduce debt.
UltraTech Cement in June closed the acquisition of cement plants of Jaiprakash Associates for Rs 16,189 crore. Bankruptcy proceedings have also been initiated against other companies, including Bhushan Steel, Bhushan Steel and Power, Electrosteel Steels and Lanco Infratech, Alok Industries and Jyoti Structures, which are among the 12 non performing asset (NPA) or bad loan cases identified by the Reserve Bank of India.
Homebuyers should explore protection granted by the Consumer Protection Act and hire a domain expert lawyer who will help to recover their invested money from the developer and provide alternatives!
Hire the best lawyers for property possession cases in Delhi- NCR. Lawyers registered with MyAdvo are highly experienced in dealing with cases of property possession and have helped numerous Jaypee buyers in filing their claim in NCLT.
We want to make the process as simple for you, as possible. Please find a list of documents you will need to take an action -
- Please procure your Statement Of Account. Please note that in case your Statement Of Account not available you can also alternatively provide all payment receipts.
- You will need to provide the Provisional Allotment Letter (PAL).
- If you have already approached a court, tribunal or commission against Jaypee, the case documents are important documents which can be used as a proof for liquidating the claim.
- You could also provide any correspondence with Jaypee (either via email or post).
- You should also have all other documents pertaining to the claim, the agreement entered into with Jaypee along with receipts and bank statements .
- You will need the details of the property.
- Your bank account details will be needed, where money can be transferred pursuant to a resolution by the Insolvency Professional!
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