In a relief to home buyers who have invested in stressed real estate projects of companies such as Jaypee, the Insolvency and Bankruptcy Board of India (IBBI) has come up with a new form to enable them to submit their claims in case of any liquidation of such firms under the new Insolvency and Bankruptcy Code (IBC). Prior to the move, forms for claims were meant only for financial creditors (such as banks, NBFCs etc) and operational creditors, including workers and regular employees of a company going for liquidation.
The National Company Law Tribunal (NCLT) recently admitted a petition, filed by IDBI Bank, for initiating insolvency proceedings against Jaypee Infratech for a loan default of Rs 526 crore. This led to apprehensions among home buyers over their rights in case the company goes into liquidation.
The new form is available on the IBBI website. The claims can be emailed to IRPJIL@bsraffiliates.com.
In a statement, the IBBI said Section 18(1) of the Insolvency and Bankruptcy Code, 2016, provides that an interim resolution professional will “collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor…” and “receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15”. These provisions envisage submission and collation of all claims from all creditors, including operational creditors and financial creditors, who need to submit claims to the interim resolution professional, it said.