Time up to August 24 for jeeping a claim to the home buyers of JP Infratech
New Delhi: People who invest in JPI Infratech’s residential projects on the brink of bankruptcy will have to make a claim by August 24. These residential projects are located mainly on both sides of Noida, Greater Noida and Yamuna Expressway adjacent to Delhi. Under the new bankruptcy law sanctioned by the Parliament, 12 companies, including JP Infra, are at risk of being bankrupt. At the same time, this time is very difficult for home buyers trapped in Jaypee’s projects.
National Company Law Tribunal i.e., NCLT has directed to initiate a bankruptcy settlement process against JP Infratech. Under this decision, all parties, including banks, employees and home purchasers, will get the opportunity to present their claim. There are different forms for different parties for claims. For instance, the buyers of the house will have to fill the form, whereas the banks and financial institutions have to fill Form C and employees in Form D.
All these forms can be downloaded from the website www.ibbi.gov.in. Banks and financial institutions have the option of filling the form electronically only, while others can present claims, either by post or by electronic means. You can use the email ID IRPJIL@bsraffliates.com to send the form electronically, but the address of the person or the postal address is as follows:
ANUJ JAIN
INTERIM RESOLUTION PROFESSIONAL FOR JAYPEE INFRATECH LIMITED
C/o BSRR & Co. Cgartered Accountants
Tower B, DLF Cyber City
Phase II
Gurugram – 122002 (Haryana)
what is the metter
Those who buy JP Builders’s home have now face great difficulty. The National Company Law Tribunal has put JP Infratech or JP Builders in the list of companies on the verge of being declared bankruptcy. If circumstances do not change in the circumstances of Noida’s JP Builder in 9 months, then the property will be auctioned. On the petition of IDBI Bank, the National Company Law Tribunal i.e. NCLT has instructed JP Group’s major company JP Infratech to initiate proceedings under Bankruptcy Act.
As on March 31, 2017, JP Infratech has a debt of Rs 8,365 crore and it is proving to be a failure to repay the loan for a long time. This news will give them a big jolt in Greater Noida and Noida who have bought a house from JP Builder. It is being told that 32 thousand flats have been stuck.
On Wednesday, the Allahabad Bench of the National Company Law Tribunal accepted the petition of IDBI Bank. Based on this, JP Infratech has been classified as a bankrupt company. With this order the board of directors of the company has been suspended. Now the Company Law Tribunal will appoint an officer who will examine JP’s financial position in 270 days. NCLT has said clearly that if the circumstances of JP’s change in 270 days ie 9 months, then the property of JP Infratech will be auctioned and it will be declared officially bankrupt. These officers will be selected from any of the 7 accounting firms.
IDBI Group had demanded that the JP Group’s JP Infra be declared a bankrupt. Earlier, JP Infratech had objected to it, but later the company withdrew the objection. Only after this, the company Law Tribunal has accepted the petition to declare JP Infra as a bankrupt.
JP Infra did not respond to the default loan of Rs 536 crore, so in the next 9 months, if the company’s Mali did not improve the condition, he would be declared bankrupt.
Most bad news for those who have invested in JP Infra’s property. The position of JP Infra’s flat has already been delayed by 2 to 4 years and home buyers have registered cases in different courts of the country. The situation is not clear on what will happen to these flat buyers right now. In the NCR, situation of crisis in front of home buyers of Gururgram, Greater Noida, Yamuna Expressway has emerged.
Jp infratech
JP Infratech is one of the major major companies of Jaiprakash Associates. Jaiprakash Associates has a share of 71.64 per cent in this company. It is worth mentioning that among the 12 companies which have been included in the insolvency code under the process of declaration of bankruptcy, among them the name of JP Infratech is included. Jaiprakash Associates is the owner of Manoj Gaur.
