1. Jaypee Infratech to obtain claims of homebuyers from its records; if buyers fail to submit forms by tomorrow

Jaypee Infratech to obtain claims of homebuyers from its records; if buyers fail to submit forms by tomorrow

The last date to submit the claim in the prescribed Form F (for home buyers) is 24th August 2017.

By: | Published: August 23, 2017 6:45 PM
Jaypee Infratech, Jaypee Infratech buyers, Jaypee Infratech buyers furious, Jaypee Infratech sell assets,debt ridden Jaypee Infratech, government jaypee infratech, jaypee housing projects, home buyers, National Company Law Tribunal, insolvency proceedings, bankruptcy and insolvency code Jaypee Infratech would obtain claims from it’s record books in case home buyers are unable to submit their claim to the Interim Resolution Professional. (Image: Reuters)

Jaypee Infratech would obtain claims from it’s record books in case home buyers are unable to submit their claim to the Interim Resolution Professional (IRP). The last date to submit the claim in the prescribed Form F (for home buyers) is 24th August 2017.

The Insolvency and Bankruptcy Board of India (IBC) had issued an advisory to the IRP dated 22nd August 2017 stating – “the claims of home buyers may be obtained from the records of the debtor 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 24th August 2017, the IRP will consider his/her claim on the basis of the Company’s record (SOA) and books of account account and decide after its verification in accordance with the IBC.”

Another communication to the homebuyers IRP states,“The customer relationship team of Jaypee Infratech Ltd had emailed the latest Statement of Accounts (SOA) to customers in the week of 14.08.2017. Due to a technical issue, some of these Statement of Account (SOA) for few projects including the “Aman” project was incorrect and erroneously emailed. The Company is in the process of rectifying the error and will email the correct statement of account (SOA). It is clarified that this was on account of IT issue and was unintentional.”

Earlier,Finance Minister Arun Jaitley said the government has full sympathy with the agitating Noida homebuyers and they can seek relief under the insolvency law. “Those who are aggrieved can get remedy under this law (the Insolvency and Bankruptcy Code). If there is any such move, the government’s full sympathy is with those who have paid money and have rights on the flats,” the minister said in reply to a question on problems being faced by the Noida home buyers at a post-Cabinet briefing.”

As per PTI reports, hundreds of home buyers had been left in the lurch after the Allahabad bench of the National Company Law Tribunal (NCLT) last week admitted IDBI’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan. The NCLT has also appointed Anuj Jain the interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code. Observing that all those who have paid money to developers should get their flats, Jaitley said “our full sympathy” is with the aggrieved home buyers. The finance minister said there is a provision for running a company under insolvency proceedings.

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