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Homebuyers of 27 Jaypee Infratech projects affected by company’s insolvency

The Insolvency Resolution Professional (IRP) dealing with the Jaypee Infratech case has said that the current proceedings will cover homes across 27 projects in three land parcels in Noida.

noida Updated: Aug 19, 2017 17:56 IST
HT Correspondent
HT Correspondent
Hindustan Times, Noida
Jaypee Infratech,Home buyers,Insolvency
Homebuyers of 27 Jaypee Infratech projects across Noida have rejected the IRP’s new set of terms and conditions.(HT PHOTO)

Amid growing sense of anxiety and confusion among home buyers of Jaypee Infratech projects, the insolvency resolution professional (IRP) has come up with a few clarifications regarding a resolution plan and chances of refund for stalled projects. (FAQs)

The IRP has come up with a list of 27 projects under three land parcels where buyers can submit a claim. Many buyers were confused about whether to file claims against Jaypee Infratech or Jaypee Associates. The IRP has now listed 27 projects which come under Jaypee Infratech.

The IRP has asked homebuyers of these 27 projects to file their claims by August 24.

The IRP constituted by National Company Law Tribunal (NCLT) has issued various clarifications regarding the current logjam between buyers, builders and banks on Friday evening.

Stating that a resolution plan will be approved by Committee of Creditors (CoC) to find a middle path, the IRP said that the CoC will constitute of financial creditors- public sector banks, financial institutions and other lenders.

The CoC is to be set up by September 9 and will decide on the plan to revive the projects within a maximum permissible 270 days of admission on the plea by IDBI Bank.

However, in a decision that may go against the buyers, the IRP has come up with a clarification regarding refund process stating that it has not made any statement or commitment to any authorities suggesting that refund can be made to certain categories of flat buyers/projects.

Read more: Jaypee buyers protest at Yamuna authority office, demand refund for scrapped project

Buyers do not seem impressed with IRP’s clarification stating that they are not willing to accept the new set of terms and conditions.

“According to the new rules, home buyers won’t be a part of the committee of creditors therefore we are a bit reluctant. We are also creditors like banks, so why is our category being diluted? The IRP has not clarified anything but only stated what the court has asked them to do,” said Colonel SK Nagrath, a home buyer.

Meanwhile, the homebuyers approached Union ministry of corporate affairs on Friday to lodge their complaints against banks and builders.

“We met Tarun Ray, secretary in ministry of corporate affairs and submitted a memorandum demanding a financial audit of the Jaypee Group. This entire thing is a big game to hoodwink the law and save the builders,” said Colonel Nagrath.

Here’s a list of all 27 projects being developed by Jaypee Infratech Limited in Noida and Greater Noida. If you own a flat or a plot in the given projects you should submit a claim to IRP in Form F by August 24.

1. Aman
2. Garden Isles
3. Kasa Isles
4. Kensington Boulevard Apartments
5. Kensington Park Apartments
6. Kensington Park Heights
7. Kensington Park Plots
8. Kingswood Oriental (Part Project)
9. Klassic
10. Klassic Arcade
11. Kosmos
12. Krescent Homes
13. Kube
14. Orchards
15. Pebble Court
16. Wish Point
17. Yamuna Enclave
18. Aman III
19. Boulevard Court Apartment
20. Budh Circuit Studios – II
21. Naturvue Apartments
22. Tanishq Square
23. Sunnyvale Homes
24. Udaan
25. Villa Expanza Sunnyvale Homes
26. Yamuna Vihar Plots
27. Kensington Park Plots

First Published: Aug 19, 2017 13:16 IST