Home Jaypee Group Jaypee Group (86 Complaints)
Cheated Buyers 7th Feb

February 5 was the last date for bidders to submit bids. Around 18 expression-of-interests (EOIs) have been received to buy Jaypee Infratech in full or in part.

The resolution plan needs to be approved by the creditors and the NCLT.

Source : https://realty.economictimes.indiatimes.com/news/regulatory/jaypee-infratechs-bidding-process-to-continue-sc/62791487

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Cheated Buyers 26th Jan

Hope the Money with SC get utilised simultaneously toward completion of Jaypee projects‬

Source : https://realty.economictimes.indiatimes.com/news/regulatory/jaiprakash-associate-deposits-rs-125-crore-in-sc-registry/62655777?

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Cheated Buyers 9th Jan

Even as the amicus curiae Pavanshree Agrawal, as appointed by the Supreme Court for redressal of grievances of Jaypee’s home buyers, collates data, sources said that of the 12,000 people who had responded, one-fourth of them have asked for a refund.

“This may translate into a liability of another Rs 2,000 crore. Companies which have expressed interest in completing the company’s assets may now be forced to think twice as they will now have to refund the buyers and at the same time complete the unfinished project

Source : http://www.moneycontrol.com//news/business/real-estate/jaypee-infra-bidders-may-have-second-thoughts-as-3000-home-buyers-seek-refund-2478593.html/news/business/real-estate/jaypee-infra-bidders-may-have-second-thoughts-as-3000-home-buyers-seek-refund-2478593.html

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Cheated Buyers 9th Jan

The deal allows the cash-strapped infrastructure conglomerate to delay its debt obligation by about four years,

Source : https://realty.economictimes.indiatimes.com/news/industry/jaypee-restructures-outstanding-fccbs-with-goldman-sachs-deutsche-bank/62409151

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Cheated Buyers 8th Jan

“The bidders, apart from purchasing the assets, need to infuse around Rs 2,000 crore to complete the projects already taken up by Jaypee Infra,”

Source : https://realty.economictimes.indiatimes.com/news/industry/tata-housing-lodha-group-keen-to-buy-jaypees-yamuna-expressway/62409055

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Cheated Buyers 6th Jan

?! Question is how it will be done !‬




Source : http://mybs.in/2VjiQri?

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Cheated Buyers 4th Jan

The ruling followed an appeal by hundreds of homebuyers after IDBI Bank filed insolvency

Source : https://realty.economictimes.indiatimes.com/news/regulatory/banks-asked-not-to-move-nclt-against-jaiprakash-associates/62359742?

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Cheated Buyers 29th Dec

This will mean bankruptcy proceedings likely kicking off at the National Company Law Tribunal (NCLT) by December 31 for companies such as Videocon Industries, Jaiprakash Associates, Uttam Galva Steel, Essar Projects, Jaiswal Neco and Asian Colour Coated.‬

Source : https://realty.economictimes.indiatimes.com/news/regulatory/rbi-wont-extend-deadline-for-2nd-list-of-defaulters/62289578?

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Mayursinh Kumpavat 18th Dec

Home buyers say this would provide much needed clarity on the timelines for possession of projects and the amount of compensation to be paid for delayed possession and timelines for the payment of this compensation

NEW DELHI: Jaypee Infratech home buyers have requested the interim resolution professional (IRP) to give them access to relevant portions of the resolution plan dealing with their interest or upload those parts of the broader revival proposal on a Web site.

In a letter written to IRP Anuj Jain on Friday, about 2,400 home buyers of Noida’s Wish Town project said the move would provide clarity on the timelines for possession of projects or compensation, and the amount of compensation to be paid for delayed delivery.

\"Needless to add, the home buyers being the biggest stakeholders of Jaypee Infratech are legally entitled to receive the above stated information,\" the letter written through law firm Trilegal said.

Home buyers also requested the IRP to grant them time to meet in person to discuss in detail their concerns.

In their letter, the apartment buyers sought possession by December 2018 and compensation for the delay at 18% per annum. They also requested proper super-area fixation and a refund of car parking charges and collected services tax.

The same set of home buyers, through an application filed in the Supreme Court last month, alleged that Jaiprakash Associates had diverted more than Rs 10,000 crore from its subsidiary Jaypee Infratech, which is under insolvency, in the construction of Yamuna Expressway and other real-estate projects.

The Supreme Court on September 11 had asked Jaiprakash Associates to deposit Rs 2,000 crore to pay off the aggrieved home buyers, while asking the IRP to submit an interim resolution plan keeping in view their interest.

The Allahabad bench of the NCLT classified Jaypee Infratech as insolvent on August 9 on a petition filed by IDBI Bank for a Rs 526-crore loan default. The IRP is expected to submit his resolution plan by the first week of February 2018.

https://realty.economictimes.indiatimes.com/news/industry/jaypee-infra-home-buyers-ask-irp-for-clarity-on-resolution-plan/61979848

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Cheated Buyers 30th Nov

Good news for home buyers

Source : https://realty.economictimes.indiatimes.com/news/industry/adani-hindujas-join-race-for-jaypee-infra/61857867

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Mayursinh Kumpavat 29th Nov

Advocate Anupam Lal Das told the court that JIL’s assets were more than its liabilities and it was ready to give an undertaking that the interest of each and every homebuyer would be safeguarded

NEW DELHI: With the October 27 deadline to deposit Rs 2,000 crore to protect the interest of homebuyers affected by insolvency of Jaypee Infratech Ltd (JIL) approaching, holding company Jaiprakash Associates Ltd (JAL) made a futile attempt in the Supreme Court on Monday to get the date deferred.

Advocate Anupam Lal Das told the court that JIL’s assets were more than its liabilities and it was ready to give an undertaking that the interest of each and every homebuyer would be safeguarded.

He added that if JAL was forced to deposit Rs 2,000 crore, it too would become insolvent, affecting a wide range of stakeholders and creating another problem in addition to that arising from insolvency proceedings being initiated against JIL.

“JAL and JIL are earnestly working towards resolving the working capital requirement of JIL and assure the SC that the investment/money of homebuyers is fully secured. JIL is continuing to deliver homes to homebuyers and from April till September 2017, has delivered 1,138 homes in addition to 2,942 delivered earlier and will deliver another 1,862 homes by December 2017,” he said.

A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud brushed aside Das’s repeated requests to list JAL’s application and give an opportunity to place facts relating to financial difficulties of the company before the SC. CJI Misra said, “We will hear you (JAL) on October 27. Your ambition to wriggle out of the liabilities towards homebuyers is mistaken. Give the money back to them, we will hear you. We will have to protect the interest of homebuyers. We are not going to modify the September 11 order (directing JAL to deposit Rs 2,000 crore by October 27). We are not going to list the application for hearing before October 27.”

This means JAL has no option but to deposit Rs 2,000 crore. In case it fails to do so, its directors could face the prospect of being charged with contempt of court. JAL’s application said making the holding company responsible if JIL failed to deposit Rs 2,000 crore would “force JAL as well into insolvency and an additional problem would be created rather than solving the problem at hand, which would ultimately affect all the stakeholders of the JAL, including public shareholders and almost 4,500 home buyers of JAL”.

Though it has not appealed against the order of National Company Law Tribunal, Allahabad, directing initiation of insolvency proceedings against JIL, JAL told the SC that JIL was solvent. To back its claim, it said fair market value of JIL’s total assets was Rs 32,882 crore as against total liabilities of Rs 12,902 crore, thus giving it a net asset value of Rs 19,980 crore.

In its application, JAL said it was engaged in constructing several high-value government projects and employed nearly 50,000 people directly or indirectly with an annual salary outgo of Rs 700 crore. “The above facts clearly demonstrate that JAL is in no financial position to deposit Rs 2,000 crore before the SC,” JAL said and requested the SC to dispense with the requirement of depositing Rs 2,000 crore by October 27.

https://timesofindia.indiatimes.com/city/delhi/jaypee-wont-get-more-time-to-deposit-rs-2000-crore/articleshow/61013598.cms

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Mayursinh Kumpavat 29th Nov

On October 5, the Insolvency & Bankruptcy Board of India (IBBI) amended its rules to mandate that any resolution plan for a company has to state how it has dealt with interests of all stakeholders

NEW DELHI: The housing and urban affairs ministry is seeking explicit protection for homebuyers hit by insolvency action against builders such as Jaypee Infratech and some of the projects of the Amrapali Group as it is not satisfied with the amendments notified last week.

“We would like to be reassured that the notification specifically covers the category of homebuyers, who are vulnerable,“ a senior ministry official told TOI. The ministry has taken up the issue with the finance and corporate affairs ministries and is expecting that interests of this segment are fully protected.

On October 5, the Insolvency & Bankruptcy Board of India (IBBI) amended its rules to mandate that any resolution plan for a company has to state how it has dealt with interests of all stakeholders, in what was seen as a move to comfort flatbuyers in various projects. While the law provides for protecting the interests of lenders and other creditors, as well as government revenues, it is seen to be wanting when it comes to those who have invested their life-time savings in buy ing an apartment or a house in a project being developed by a company that is facing insolvency action. Government sources acknowledged that when the Insolvency & Bankruptcy Code was enacted the problems of the real estate sector were not envisaged.

Urban affairs minister Hardeep Singh Puri had also flagged the concerns to finance minister Arun Jaitley and the IBBI notification is seen as to have been the result of intervention at the ministerial level. The regulatory agency for insolvency and bankruptcy has initiated other amendments in the past to deal with the emerging challenges for homebuyers.

This segment has been demanding amendments to the law, something that is yet to be decided, but sources said that the changes cannot be retrospective to deal with the current proceedings across the country .

Sources said the current problems will be limited to ongoing projects as steps taken in recent years such as enactment of Real Estate Regulatory Authority (RERA), introduction of goods and services tax, industry status to real estate and the IBC is adequate to protect the interests of homebuyers in the future

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Cheated Buyers 29th Nov

Jaiprakash Associates completes restructuring of $150 mn FCCBs

Source : http://toi.in/LiejAY/a24gk

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Mayursinh Kumpavat 27th Nov

Buyers from the 16 towers of the project in Noida’s Sector 129 have come together under the umbrella of Kasa Isles Welfare Association and submitted their proposal to the resolution professional

NEW DELHI: Among the 20-odd bidders for insolvency-hit Jaypee Infratech’s housing, hospital and road projects, including some top names from India Inc, there is an entity with no experience of construction and probably no documents to show its net worth -- a group of flat buyers from Kasa Isles who are pitching to take over some of the apartment blocks and construct it themselves.

Over 600 buyers from the 16 towers of the project in Noida’s Sector 129 have come together under the umbrella of Kasa Isles Welfare Association and submitted their proposal to the resolution professional appointed by the National Company Law Tribunal.

Now, they have approached the insolvency resolution professional with a formal offer. Aman Behal, a core committee member, said the association will need around Rs 200 crore to complete the project and is hoping to scale up the membership to over 1,200 members. “Some money is due to the builder and everyone will have to pay a little more and we will be close to that number (Rs 200 crore),” he said. Some of the flat owners were promised the apartments in October 2013 but an update posted by the Jaypee in July showed that internal plaster and flooring was going on in four of the 16 towers. The rest will take more time as casting work was still on.

“The flats will take at least two more years for delivery and the penal interest itself will be more than 100%,” said NS Dhingra, a retired professor and an active member of the association. In July, before the insolvency process began, the members had approached authorities in Noida and had one round of discussions with the Jaypee to take over the project and complete the remaining construction.

“If needed we will put in Rs 2-3 lakh each to save the lakhs that we have already invested and there is no certainty that we will get the flats,” said Dhingra. Plus, there is penalty due from the builder for delayed delivery and the Supreme Court is also looking into the issue.

The association’s proposal has met with skepticism as far as the court-appointed interim resolution professional and the lenders to Jaypee are concerned, who want to avoid splitting the assets as part of the resolution plan. “You can’t have a situation where one person says I will build half the building,” said a source.

The IRP will at best split the project into three parcels with the 27 real estate projects being one block, the expressway being the second and the hospital being the third. “We will look at the proposal which offers the best value. If needed, we can split it but if we get a better deal through a consolidated deal we will go with that,” said a source. Behal expects a lot of bidders to drop out. “A lot of them are chasing the land parcels and some of them are only interested in the toll revenue from the expressway. We are the main stakeholder in the project,” he said.

On Friday, the committee of creditors, which is working with the IRP decided to move to the next stage in the resolution process and issue and information memorandum based on which financial bids will be called, which is expected to take around three-four weeks.

In the meantime, a process consultant will be appointed to oversee the entire transaction and assess the bidders on various parameters. “Given the interest in Jaypee Infratech, it is unlikely that it will go into liquidation. A resolution looks imminent,” said a source. This will surely comfort around 25,000 flat buyers who have been jittery about their future having invested their lifetime savings into the project.

https://timesofindia.indiatimes.com/city/delhi/600-homebuyers-join-hands-bid-for-completing-a-part-of-jaypee-project/articleshow/61620312.cms

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Cheated Buyers 25th Nov

Uncalled for fear . Limited liability doesn’t mean that someone raise money on dubious promises, divert, enjoy lavish life and Claim Business losses

Jaypee Infra: SC order may impinge on limited liability concept, says FICCI

Source : https://realty.economictimes.indiatimes.com/news/regulatory/jaypee-infra-case-sc-order-may-impinge-on-limited-liability-concept-says-ficci/61790100?

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