1,000 buyers to get flats in Wish Town and Aman
SOME RELIEF NCLTappointed interim resolution professional says it will take 10 days to get permission to allow possession
Homebuyers will soon get possession of 1,000 ready-tomove-in flats in Jaypee Infratech’s Wish Town and Aman projects, an official appointed by the National Company Law Tribunal (NCLT) said on Wednesday.
The announcement by Anuj Jain, appointed by NCLT as the interim resolution professional, will bring relief to a section of buyers left panic-stricken after the tribunal admitted IDBI Bank’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a ₹526-crore loan.
“The process of offer for possession will start shortly in accordance with the allotment letter,” said Jain.
“It will take around 10 days to seek permission from NCLT and allow possession and registry,” Jain said.
Jaypee Infratech had on July 13 obtained occupancy certificate — permission to offer possession and registry of ready flats — from the Noida authority for five towers of Jaypee Aman, in sector 151, and three towers in Wish Town, in Sector 128.
The company had also started the process of offering possession and registries of ready flats.
But it was disrupted after the NCLT’s August 9 move against the real estate group.
Jaypee Infratech, part of the debt-ridden Jaypee group, is among 12 big corporate loan defaulters against whom bankruptcy proceedings have been initiated under a new law.
The biggest incomplete project of Japyee is Wish Town.
The company is said to have over 5,500 flats out of the proposed 32,000, besides 3,000 plots across 800 acres along the Noida-Greater Noida Expressway. The project has 305 towers, of which 250 are incomplete.
The Noida authority had issued occupancy certificate for 650 flats at Aman in sector 151. It also issued OC for 350 ready flats in Kosmos Tower and Klassic Towers located in Wish Town project located in sector 128.
Jain, through a public notice, informed homebuyers on Wednesday that he will consider buyers’ claims through records provided by Jaypee Infratech.
“The claims of homebuyers may be obtained from the records of the debtor (Jaypee Infratech) and verified by/from the homebuyers either individually or collectively..,” said a statement by IRP. IRP advisory comes after a four-member delegation of homebuyers on August 21 met with the ministry of corporate affairs secretary Tapan Ray, Anuj Jain, insolvency and bankruptcy board officials and other department officebearers. Jaypee group’s managing director Manoj Gaur was also at the meet.
Buyers demanded they should be exempted from filing claims as it will force them to undergo trauma of collecting papers, filing it and submitting the same.
The process of offer for possession will start shortly in accordance with the allotment letter... It will take around 10 days to seek permission from NCLT and allow possession and registry. ANUJ JAIN, interim resolution professional
After the meeting, Jaypee Infratech provided a statement of accounts of buyers to IRP but it had some discrepancies. IRP clarified buyers’ worries with regard to statements of banks through a public notice.
Homebuyers said the IRP should expedite registration.
“We welcome this decision because homebuyers were worried about filing claims,” said SK Nagrath, retired colonel and president of Jaypee Aman flat buyers association, who was part of the delegation that met officials in Delhi.