Buyers in Jaypee have time to file claims by Aug 24

The National Company Law Tribunal (NCLT), through a public notice, advised homebuyers, employees and those falling under other categories of creditors in projects of the Jaypee Group to file their claims on or before August 24 with the Interim Resolution Professional (IPR).

Around 30,000 homebuyers who booked flats in the Jaypee Group’s Wish Town in Sector 128 and Aman housing project in Sector 151 are worried about their investment as the NCLT had on August 9 admitted an insolvency plea against Jaypee Infratech, the realty arm of Jaypee Group.

The Jaypee Group failed to repay a loan of around ₹8,000 crore to IDBI Bank, after which the bank filed an insolvency plea with the NCLT. Homebuyers are miffed that the IPR has taken control of Jaypee Infratech management as there is still no clarity on the delivery of flats for which they have made payments. Legal experts said the most important step for each buyer is to file their claim with IPR Anuj Jain.

“Buyers who have booked flats and invested money in Jaypee’s housing projects should submit a proof of their claims. It will be better if they submit all documents such as booking slips, builder-buyer agreement, payment slips and any other supporting document. An individual buyer has the right to file a claim on his own but taking the advice of a legal expert in the matter will be better,” Pawan Chaturvedi, an advocate in Delhi HC, said.

Buyers have been advised to submit their claims electronically only. Forms are available on the website: www.ibbi.gov.in.

There are three categories of claimants and three forms: Form B for operational creditors, Form C for financial creditors and Form D for workmen and employees of Jaypee Infratech.

“Buyers need to fill Form C as they fall in that category and there is no other particular form designed for them. Buyers should file claims through buyers’ associations and hire an expert lawyer so that they are properly represented before the NCLT committee. The NCLT will take a decision on the basis of arguments made by the lawyer of buyers,” said Chaturvedi.

Finding an expert is important as the case is unique and there are not many precedents. Some homebuyers are confused if they have a legal right to file claims or the bank will do that.

“Because the loan is obtained by a buyer from a bank, the claim will have to be filed by the borrower itself. The bank will not file a claim on behalf of a buyer,” said Subash Kumar Bansal, CA.

“A buyer, who has taken home loan to pay for a flat to Jaypee, has the right to file claim to the IRP under section 13. Then under section 13, IRP has the power to validate the claim,” said a manager of a government bank.

“A creditor means any person to whom a debt is owed and includes a financial creditor, an operational creditor, a secured creditor, an unsecured creditor and a decree holder. It means a buyer has right to file claims,” said Sunil Kumar Mishra, advocate, Delhi High Court.