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Jaypee Home Buyers

A virtual platform to connect all flat buyers, plot buyers, cancelled project buyers not yet given possession / refund of Jaypee Infratech to share insights, insperations & news

Recent Poll

Should we legally peruse our case on both fronts NCLT and Supreme Court through Review petition/PIL?
Yes
79%
Only NCLT
2%
Only SC
19%
Total votes: 63

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Posts and Discussions

Rajeev Gupta's picture

Review petition/ PIL will only work in present circumstances.But simultaneously we have to continue our battle in NCLT also till help comes from SC.
We have a very good case for SC review.Because of SC sending us in NCLT following points have emerged which requires SC intervention since most of them beyond NCLT purview.

Please consider following points for review petition: IRB code is discriminatory and heavily bised towards banks for following reasons hence need to be rectified / appropriate orders passed to all concerned before Insolvency proceedings continue.

1Home buyers to be declared secured financial creditors at par with banks.
2. Interest rates for banks and home buyers to be applied should be same on credit advance.
3. In case of liquidation flat buyer's flats to completed first/provisioned far than balance money to be distributed as per IBC.
4. As long as 51 % of home buyers vote for any resolution plan it should be counted as 100% vote from a class/group of creditors since it becomes majority decision.It is like all share holders of banks are not voting independently but when represented through their
authorized rep it is counted as 100% vote for credit of that bank.
5. The flats sold and most of them mortgaged for home loan with triparty agreement
are no longer property of Jaypee infra tech ,these are properties of banks in case of loan or of home buyers in case funded by buyer himself, these should not form part of schedule of Jaypeeinfratech properties up for liquidation.
6.IRP should provide list of home buyers and their investment details to RP because lot of them appear to be Benami properties and should form part of schedule of unsold inventory.
7. The Jaypee infratech land mortgaged by JAL for its loan be declared illegal and should form part of Jaypeeinfra tech assets up for resolution.
8. Amprapali home buyers in similar crisis have been assured of flats/refund where as Jaypee home buyers have been left at the mercy of banks and no assurance by SC for delivery of flats.
9. Plea of financial audit of Jaypee infra tech for tracking of home buyers money has not been addressed in SC final order.
10.The PIL should not be considered disposed off till resolution process is successfully completed and homebuyers get their flats since it is matter of life time savings of 25000 home buyers.Home buyers should be dealt under provisions of RERA.IBC code has neither been drafted keeping in mind the interest of home buyers nor caters for the interest of home buyers.
11.All these banks had their nominee on board of Directors of JIL hence they are equally responsible for the present Mess of JIL so home buyers should not suffer due to misdeeds and criminal negligence of Banks.
Until unless these issues are settled ,the insolvency proceedings should be put on hold as in the present state homebuyers interest have been ignored,compromised,home buyers left vulnerable,discriminated
and the SC order does not assure that we home buyers will get our flats, hence right to home is at stake which is breach of constitutional right.
Any association / group planning to move SC , I am ready to join them.
NCLT front is being taken care of by 9As.

REKHA Mishra's picture

I agree with Mr Gupta. we should forcefully try in supreme court. Only two or three orders by supreme court are sufficient to solve this problem. we may pray before hon'ble supreme court to ask jaypee infratech to sell its property within 30 days and deposit rs 10000 cr in an escrow account . similarly to ask jaypee associate to deposit rs 2000 crore in an escrow account after selling its property for the housing projects floated by jaypee associate. these money to be managed by a group including a representative from supreme court. there after both jil and jal to complete their respective projects within 2 years. this will not be very difficult for both jil and jal if they want to save their companies.

for nclt and cirp the rep of home buyers should be given proxy powers on behalf of home buyers if we all want that our votes should be exercised 100%. bringing 26000 hbs to a single consensus will not be easy. but if proxy powers is given to our rep then it will be very easy. just think on it.
Chitra sharma is going to take up our cause in supreme court. we should support her. mr Gupta may like to join him. in my opinion fighting in nclt is a wastage of time.

Rajeev Gupta's picture

Thanks all the members who are posting appeals on different groups for HBs to register on this website.We have already crossed 500 in about one week.However this is just the beginning we have to cross 20000.Kindly keep positing the appeal once every day.You will see the results of this effort in time to come.
"A comprehensive common website for all HBs for all Jaypeegreens projects has been hosted and running.This website will be HBs website.We can post available useful information gathered from various sources and keep updating this web site, maintaining neutrality.

We also request all associations, groups and HBs to post the web links, messages and share information on this website for quick dissemination to all home buyers.

http://jpgrwa.org/

Rajeev Gupta's picture

From KRH group.

IMPORTANT/IMPORTANT/IMPORTANT
Dear Friends
We had a meeting with Secretary Ministry of Corporate Affairs today Mr. Injeti Srinvas.
After the circular of 14th Sept 2018 it is mandatory to file your claim to IRP and request all those who have not filed the claim to do the same at the earliest using Form CA . Please note if you do not file the claim the same will not be considered as any liabilities and you will not be part of COC or voting rights.
We know very well the IRP has clearly mentioned in his mail that in case the claim as shown on their website matches than there is no need to file the same, but Banks has objected the same and written to IRP to discard the claims of the home buyers who have not filed the claim.

Anshika SAPRA's picture

Claims as listed on JIL website were verified and accordingly voting right was exercised. Banks can't dictate their terms for Home Buyers, its IRP and HB RP Mr Kuldeep Varma to dictate terms. They should communicate through mail, if so required. Legally not required as CIRP commenced last year and claims were lodged with all documents. These Ministry officials are close to Banks as they get pampering from them only.

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