NCLT Constitutes Professional Body In Jaypee Insolvency Case To Review Buyers' Claim

न्यूज़ वर्ल्ड इंडिया | 0
| August 11 , 2017 , 14:14 IST

In a recent development in the Jaypee project, the National Company Law Tribunal has constituted an insolvent professional body on Thursday, which will look into the claims of thousands of buyers over flat or plot possessions.

According to a report in a media outlet, the buyers have two weeks to raise claims their claims on the property. Along with the flat buyers, it will allow the banks and other lenders and creditors, which lent home loans to make their claims. The claimants can make their request on or before the deadline August 24.

The decision comes as part of the Court's attempt to put an end to the delays in Jaypee's housing scheme within a time frame of 270 days.

Jaypee's 800-acre Wish Town in Sector 128, Noida, which has around 32,000 apartments is also among their pending real estate projects. Jaypee has only delivered 5,500 apartments so far while the company has promised to deliver 6,000 by March 2018, another 8,000 by 2018-19 and the rest, by the year 2020.

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The move is also seen as a test run by many analysts, in order to put the real estate back on track. The introduction of insolvent code is a ray of hope for the millions of home buyers who put their entire life's savings into these homes and get nothing but empty promises in return.

National Company Law Tribunal has appointed Anuj Jain as the CEO of the company, who will have a time period of six month to revive the company, although the deadline can be further extended by three months, the company will have to sell its assets if it is still not able to repay the bank's money.

While Jaypee Infratech is not the only defaulter, it alone has a stunning debt of around Rs 8,000 crore. Reserve Bank of India has identified over a dozen such companies which will be put through fast-track resolution in new insolvency and bankruptcy code.