JP Builder On The brink of bankruptcy: NCLT gave 9 months time, 32 thousand flat stranded
New Delhi: Those who buy JP Builders’s home have now face great difficulty. The National Company Law Tribunal has put JP Infratech or JP Builders in the list of companies on the verge of being declared bankruptcy. If circumstances do not change in the circumstances of Noida’s JP Builder in 9 months, then the property will be auctioned. On the petition of IDBI Bank, the National Company Law Tribunal i.e. NCLT has instructed JP Group’s major company JP Infratech to initiate proceedings under Bankruptcy Act.
As on March 31, 2017, JP Infratech has a debt of Rs 8,365 crore and it is proving to be a failure to repay the loan for a long time. This news will give them a big jolt in Greater Noida and Noida who have bought a house from JP Builder. It is being told that 32 thousand flats have been stuck.
On Wednesday, the Allahabad Bench of the National Company Law Tribunal accepted the petition of IDBI Bank. Based on this, JP Infratech has been classified as a bankrupt company. With this order the board of directors of the company has been suspended. Now the Company Law Tribunal will appoint an officer who will examine JP’s financial position in 270 days. NCLT has said clearly that if the circumstances of JP’s change in 270 days ie 9 months, then the property of JP Infratech will be auctioned and it will be declared officially bankrupt. These officers will be selected from any of the 7 accounting firms.
IDBI Group had demanded that the JP Group’s JP Infra be declared a bankrupt. Earlier, JP Infratech had objected to it, but later the company withdrew the objection. Only after this, the company Law Tribunal has accepted the petition to declare JP Infra as a bankrupt.
JP Infra did not respond to the default loan of Rs 536 crore, so in the next 9 months, if the company’s Mali did not improve the condition, he would be declared bankrupt.
Most bad news for those who have invested in JP Infra’s property. The position of JP Infra’s flat has already been delayed by 2 to 4 years and home buyers have registered cases in different courts of the country. The situation is not clear on what will happen to these flat buyers right now. In the NCR, situation of crisis in front of home buyers of Gururgram, Greater Noida, Yamuna Expressway has emerged.
Jp infratech
JP Infratech is one of the major major companies of Jaiprakash Associates. Jaiprakash Associates has a share of 71.64 per cent in this company. It is worth mentioning that among the 12 companies which have been included in the insolvency code under the process of declaration of bankruptcy, among them the name of JP Infratech is included. Jaiprakash Associates is the owner of Manoj Gaur.
