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The SC has also directed that buyers, who have opted for refund, should not be sent notices for EMI defaults
Homebuyers are constantly puzzled as complexities of the case keep deepening even after seven months when the National Company Law Tribunal (NCLT) admitted IDBI Bank's plea against Jaypee Infratech under the Section 7 of the Insolvency and Bankruptcy Code, 2016.On March 21, the Supreme Court (SC) asked Jaypee Infratech to deposit Rs 100 crore by April 6 and the next Rs 100 crore by May 10. The SC has also directed that buyers, who have opted for refund, should not be sent notices for EMI defaults.As per latest reports, Adani Group has emerged as the highest bidder and the task of completing 25, 000 flats and villas might be undertaken by the Adani Group. However, it is yet to be intimated. While the Adani Group had submitted a revised bit, Kotak Realty Fund and Cube Highways refused to do so. However, their existing bids still remain valid and it is yet to be seen which firm emerges a clear highest bidder. In a new turn of events, it has been reported that Jaypee's assets have been undervalued and this includes land as well as the expressway. This puts a question mark on the transparency expected in such valuations and now lenders are seeking clarification. Jaypee is yet to deliver 25, 000 units in the Noida market and it would take other players and financiers supporting it to complete these projects. Now, four companies, including Adani Group, Sajjan Jindal’s JSW, Suraksha Asset Reconstruction Company, a syndicate comprising of Kotak Realty and Cube Highways are willing to acquire Jaypee Infratech. Sources say that these companies have been asked to come with revised offers that would be overseen by an expert panel in days to come. Initially, there were about 20 bidders that were interested.Last week also saw IndusInd Bank Ltd transferring six crore shares of Jaypee Infratech Ltd held by the company that stood in its favour. This makes up 4.32 per cent stake of Jaypee Infratech. Shortly after, Jaypee’s stocks surged 4.47 per cent.Homebuyers in a dilemmaFor real estate buyers, the real worry is the significant delays that they have to deal with. Meanwhile, banks haven’t spared them either ‘threatening’ with legal recourses which could mean attaching the property and sale of assets.In such a case, homebuyers should approach the judiciary. As in Supertech’s case where the developer firm was asked to pay the installments, homebuyers can always seek the judiciary’s intervention if they see that it might be difficult to take possession of the flat they have paid for. Experts also point out that while it may be unfair to expect homebuyers to continue with the EMIs, they should not stop paying the EMIs without permission or consultation.Affected homebuyers took to social media with pleas put forth to the government to help them get their units. Some others are asking for other developers to join Jaypee and finish the projects. There are also buyers who have been posting images o[censored]nder-construction projects of Jaypee, wondering about the completion schedule.
The SC has also directed that buyers, who have opted for refund, should not be sent notices for EMI defaults
Homebuyers are constantly puzzled as complexities of the case keep deepening even after seven months when the National Company Law Tribunal (NCLT) admitted IDBI Bank's plea against Jaypee Infratech under the Section 7 of the Insolvency and Bankruptcy Code, 2016.On March 21, the Supreme Court (SC) asked Jaypee Infratech to deposit Rs 100 crore by April 6 and the next Rs 100 crore by May 10. The SC has also directed that buyers, who have opted for refund, should not be sent notices for EMI defaults.As per latest reports, Adani Group has emerged as the highest bidder and the task of completing 25, 000 flats and villas might be undertaken by the Adani Group. However, it is yet to be intimated. While the Adani Group had submitted a revised bit, Kotak Realty Fund and Cube Highways refused to do so. However, their existing bids still remain valid and it is yet to be seen which firm emerges a clear highest bidder. In a new turn of events, it has been reported that Jaypee's assets have been undervalued and this includes land as well as the expressway. This puts a question mark on the transparency expected in such valuations and now lenders are seeking clarification. Jaypee is yet to deliver 25, 000 units in the Noida market and it would take other players and financiers supporting it to complete these projects. Now, four companies, including Adani Group, Sajjan Jindal’s JSW, Suraksha Asset Reconstruction Company, a syndicate comprising of Kotak Realty and Cube Highways are willing to acquire Jaypee Infratech. Sources say that these companies have been asked to come with revised offers that would be overseen by an expert panel in days to come. Initially, there were about 20 bidders that were interested.Last week also saw IndusInd Bank Ltd transferring six crore shares of Jaypee Infratech Ltd held by the company that stood in its favour. This makes up 4.32 per cent stake of Jaypee Infratech. Shortly after, Jaypee’s stocks surged 4.47 per cent.Homebuyers in a dilemmaFor real estate buyers, the real worry is the significant delays that they have to deal with. Meanwhile, banks haven’t spared them either ‘threatening’ with legal recourses which could mean attaching the property and sale of assets.In such a case, homebuyers should approach the judiciary. As in Supertech’s case where the developer firm was asked to pay the installments, homebuyers can always seek the judiciary’s intervention if they see that it might be difficult to take possession of the flat they have paid for. Experts also point out that while it may be unfair to expect homebuyers to continue with the EMIs, they should not stop paying the EMIs without permission or consultation.Affected homebuyers took to social media with pleas put forth to the government to help them get their units. Some others are asking for other developers to join Jaypee and finish the projects. There are also buyers who have been posting images o[censored]nder-construction projects of Jaypee, wondering about the completion schedule.
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+91 12 0460 9790 [Compliance]
+91 12 0460 9000 [Regd Office]
+91 12 0247 0800 [Regd Office]
Sector-128, Noida 201304, India
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As per the update, due int for Jan-Mar 2016 got released on 04.04.2016. And on seeing swift performance of the Company in clearing payments, Hon’ble CLB has, vide
Order passed last week, further extended time for payment of matured FDs after 31st March 2015 in the following schedule:
1.Deposits matured during the period from 1.4.2015 to 31.03.2016 to be settled by 30.09.2016
2.Deposits maturing during the period from 1.4.2016 to 31.03.2017 to be settled by 31.03.2017 .
CLB order copy will be available next week. You Can send their queries at [protected]@jalindia.co.in or call at[protected],[protected]Link Intime).
Please Note: Company Law Board is no more in existence, any communication related to hardship should address only to NCLT (National Company Law Tribunal).
Please find below details as requested :
Also, you can apply under hardship by sending letter to the NCLT (National Company Law Tribunal) Delhi along with the relevant documents.
Grounds on which hardship cases may be considered :
1. Senior Citizen-Age Proof, FDR photocopy, and covering letter
2. Medical Issues-Doctor Prescription, Medical supportive Documents, FDR photocopy, and covering letter
3.Marriage Purpose-Marriage Card, FDR photocopy and covering letter
Below are the documents required for Hardship :
- FDR's copy
- PAN copy
- Request letter
- Medical documents
Letter to be addressed to: Bajaj House, 97, 5th Floor Nehru Place, New Delhi - 110019
Regards
Customer Service Team
Bajaj Capital Ltd