Jaypee Infratech, a part of the debt-ridden Jaypee group, is among the 12 big corporate loan defaulters against whom bankruptcy proceedings havebeen initiated under a new law
Bringing relief to panic-stricken investors, the National Company Law Tribunal (NCLT) on Wednesday announced that homebuyers will soon get possession of 1,000 ready-to-move-in flats in Jaypee Infratech's Wish Town and Aman projects in Noida.
The announcement was made by Anuj Jain, appointed as the Interim Resolution Professional (IRP) by the NCLT. Jaypee Infratech, a part of the debt-ridden Jaypee group, is among the 12 big corporate loan defaulters against whom bankruptcy proceedings havebeen initiated under a new law. The Jaypee Infratech reportedly defaulted on a Rs 526-crore loan to the IDBI bank.
"The process to offer possession will start shortly, in accordance with the allotment letter. It will take around 10 days to seek permission from the NCLT and allow possession and registry," Jain said.
On July 13, the Jaypee Infratech had obtained occupancy certificates, permission to offer possession, and registry of ready flats from the Noida Authority for five Jaypee Aman towers, located in Sector 151, and three Wish Town towers, located in Sector 128. The company had also started the process of offering possession but it was disrupted after the NCLT's August 9 move against the real estate group.
The Noida Authority had issued occupancy certificates for 650 flats in Jaypee Aman and for 350 ready flats in Kosmos Tower and Klassic Towers in the Wish Town project.
On Wednesday, through a public notice, Jain also informed the homebuyers that he will consider their claims through records provided by the Jaypee Infratech.In the statement, he said: "The homebuyers' claims may be obtained from the records of the Jaypee Infratech and verified from buyers either individually or collectively. Therefore, if a homebuyer is unable to submit his/her claim in the prescribed format by the due date of August 24, 2017, the IRP will consider the claim on the basis of the company's record and books of account, and decide in accordance with the Indian bankruptcy code."
Earlier, homebuyers had demanded that they be exempted from filing claims as it will force them to undergo the trauma of collecting papers and submitting them. They had also demanded that those who were issued possession letters of ready flats be allowed to shift and get the registry executed.
"The work on the under-construction projects should continue, so that buyers can get delivery as soon as possible. We welcome this decision because homebuyers were worried about filing claims," Rohit Shekhar, a buyer, said.
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