Jaypee Infratech: Handover Jaypee Flats to home buyers
August 23, 2017After National Company Law Tribunal (NCLT) accepted the petition of IDBI bank insolvency proceedings have been initiated against Jaypee Infratech. Jaypee Infratech is the developer of Noida’s Wish Town Project and Yamuna Expressway among several others.
As reported by the Insolvency Resolution Professional (IRP) for Jaypee Infratech is expected to shortly start giving possession of flats which were to be developed by the debt-ridden real estate company. Nevertheless, registration of these apartments will commence after the committee of creditors is established. IRP has also insisted that home buyers shall fill out claim forms which are available on the website of Jaypee Infratech. The last date for filing out forms is 24th August 2017.
The IRP’s move to hand over the flats comes as a big relief to the home buyers. The board has indicated earlier as well to ensure the interest of 25,000 to 30,000 individuals the construction of flats will be considered as a priority.
While a large number of homebuyers have already filed their claim forms many others are confused if they are required to file the form, which form are they required to file. The law has made it compulsory for creditors, banks and other creditors to submit their claims within 15 days of initiation of insolvency proceedings.
The Insolvency and Bankruptcy Board of India have decided to accept claims in any form from home buyers. Also, they have introduced a new form- Form F to accept claims from home buyers.
Homebuyers who have yet not filed their claims should file their forms by tomorrow. There is no harm in filing a claim despite the flexibility being offered.