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1,000 Jaypee investors to get ready flats in Noida’s Wish Town and Aman, process to begin within 10 days

Jaypee Infratech, part of the debt-ridden Jaypee group, is among 12 big corporate loan defaulters against whom bankruptcy proceedings have been initiated under a new law.

noida Updated: Aug 23, 2017 14:28 IST
Vinod Rajput
Vinod Rajput
Hindustan Times, Noida
Jaypee,Jaypee Infratech,Noida
Investors will get ready-to-move flats in Jaypee Infratech’s Wish Town and Aman.(HT File Photo)

Home-buyers will soon get possession of 1,000 ready-to-move flats in Jaypee Infratech’s Wish Town and Aman projects, an official appointed by the National Company Law Tribunal said on Wednesday.

The announcement by Anuj Jain, appointed by NCLT as the interim resolution professional, will bring relief to a section of home buyers left panic-stricken after the tribunal admitted IDBI’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan.

“The process of offer for possession will start shortly in accordance with the allotment letter,” said Jain.

“It will take around 10 days to seek permission from NCLT and allow possession and registry,” Jain added.

Jaypee Infratech had on July 13 obtained occupancy certificate -- permission to offer possession and registry of ready flats -- from the Noida authority for five towers of Jaypee Aman, located in sector 151, and three towers in Wish Town, located in Sector 128.

The company had also started the process of offering possession and registries of ready flats. But it was disrupted after the NCLT’s August 9 move against the real estate group.

Jaypee Infratech, part of the debt-ridden Jaypee group, is among 12 big corporate loan defaulters against whom bankruptcy proceedings have been initiated under a new law.

The biggest incomplete project of Japyee is the Wish Town project.

The company is said to have over only 5,500 flats out of the proposed 32,000, besides 3,000 plots across 800 acres along the Noida-Greater Noida Expressway. The project has 305 towers, of which 250 are incomplete.

The Noida authority had issued occupancy certificate for 650 flats in Jaypee Aman in sector 151. These ready flats are in towers N-2, N-3, N-4, N-5 and N-6. It also issued OC for 350 ready flats in Kosmos Tower and Klassic Towers located in Wish Town project located in sector 128.

Jain, through a public notice, informed homebuyers on Wednesday that he will consider buyers’ claims through records provided by the Jaypee Infratech.

“The claims of home buyers may be obtained from the records of the debtor (Jaypee Infratech) and verified by/from the home 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 his/her claim on the basis of the company’s record (SOA) and books of account and decide after its verification in accordance with the Indian bankruptcy code,” said a statement by IRP.

IRP advisory comes after a four-member delegation of Jaypee home-buyers on August 21 met with the ministry of corporate affairs secretary Tapan Ray, Anuj Jain, insolvency & bankruptcy board officials and other department office-bearers in Delhi. Jaypee Group’s managing director Manoj Gaur was also part of that meeting.

Buyers had demanded that they should be exempted from filing claims as it will force them to undergo trauma of collecting papers, filing it and submitting the same. Buyers had also demanded that those buyers who were issued possession letters of ready flats by the Jaypee be allowed to shift and get registry executed.

After the meeting, Jaypee Infratech had provided a statement of accounts of buyers to IRP but it had some discrepancies. IRP clarified buyers’ worries with regard to statements of banks through a public notice.

IRP, however, attributed to discrepancies to a “technical issue” and added the “company is in the process of rectifying the error”.

Homebuyers said the IRP should expedite registration of flats.

“We welcome this decision because homebuyers were worried about filing claims. But we request the IRP to expedite registration and the shifting process. Also, the construction on the under-construction projects should continue so that buyers can get delivery as soon as possible,” said SK Nagrath, retired colonel and president of Jaypee Aman flat buyers association, who was part of the delegation that met with officials in Delhi.

First Published: Aug 23, 2017 14:27 IST