Jaypee Infratech Insolvency: Stakeholders can submit claims by 24 August

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NEW DELHI: The National Company Law Tribunal (NCLT) has appointed an insolvency professional on Thursday for Jaypee Infratech.

Thousands of buyers of Jaypee projects have been given two weeks of time to raise any claims related to their flats or plots. The step has come as part of a court-driven attempt to put in place a revival plan for the developer’s extremely delayed housing scheme. 270 days have been put as maximum limit to reach to a solution.

The law dictates that claims must be invited in prescribed forms within three days of NCLT’s order hence it is being expected that notification by insolvency professional in this regard will come up during the weekend.

All stake-holders including creditors, vendors, lenders and employees will have time up-to August 24 to make any claims in this regard.

The precedent it might set:

Thousands of home buyers invest their hard-earned money and life time savings into housing projects to buy their dream homes. This insolvency process is being witnessed by buyer fraternity as a test case which may influence many similar projects as well. Buyers are also hopeful with RERA and expect that necessary resolution to this long term issue may come now.

26, 500 undelivered apartments of Jaypee’s Wish Town project will be most impacted by this new development in Jaypee Infratech.

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