The government involved in investigating the possibility of completing projects by selling jaypee infratech properties.

New Delhi: Good news for thousands of people who buy home of Jaypee Infratech’s house in Noida and Greater Noida, adjacent to the national capital Delhi. The Central Government is exploring this option whether its projects can be complete by selling jaypee infratech properties or not.

32,000 people of JP Infratech’s Vishatown project in Noida alone have put money to buy a house, of which more than five thousand people have got their home, while the rest are waiting. Now the trouble is that the company is on the verge of insolvency and the National Company Law Tribunal i.e. NCLT has ordered to initiate a bankruptcy settlement process. The process can take a maximum of nine months to complete. After the NCLT decision, home buyers have an uncertainty environment. Keep in mind that the acquisition of the house for buyers has already been delayed by four years.

However, according to the highly placed sources in the central government, the possibilities of providing relief to the home buyers of JP Infratech are being explored. Under this, one way may be to raise money by selling assets like Land Bank of the company. This money will be used to complete pending projects. Apart from this, the government is also considering whether to appoint a receiver or government agency to complete the projects. “It will be discussed with the Ministry of Corporate Affairs that whether money can be made for stubborn projects to sell other properties under the Insolvency and Bankruptcy Code or IBC,” said a senior official. .

Claim time

By issuing an advertisement on Saturday, the company and employees were given time to file a claim against the money launderers till August 24, along with those who invested in various residential projects. There are different forms for different parties for claims. For instance, the buyers of the house will have to fill the form, whereas the banks and financial institutions have to fill Form C and employees in Form D.

whole matter

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.