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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?
Only SC
Total votes: 63


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Posts and Discussions

Rajeev Gupta's picture

I see most HBs are confused and divided with no signs of unity.Unfortunately legally this case has to be fought on two fronts simultaneously;SC and NCLT. One group led by Chitra ji can fight in SC with support of all home buyers and another group led by 10 As can fight it out in NCLT with support of all home buyers, keeping each and every Home Buyer informed .No one should see other as adversary but should be supplementary to each other morally,physically and financially.We can make a coordination committee for this purpose with one representative from each association and two/three representatives nominated by Chitra ji and two/ three active members from those who are not members of any association so far.These people can coordinate various activities and brief all members of action taken /planned to be taken on both fronts.Lets not forget this is a war in which various battles have to be fought on different fronts simultaneously for ensuring victory.

anil k Singh's picture

My appeal is in the end . Please read it .

We are in for a good legal battle .

Soon as per agenda submitted to (see the letter submitted in COC)our HBAR , a legal route will be taken for voting weightage anomaly. This may also include staying of results of selection of IRP if Mr AJ wins ( which he will ) .

Then we are pushing for Forensics and " deep" information . This will be hugely contested in COC and outside it. Because , forensics will upset many a apple cart . It will nail . It will be a " do or die situation " for defaulters , fraudsters , fence sitters like banks because they get exposed and ....

Meanwhile voting weightage issue will remain . If HB plea of 12% goes thru ( about 8 % weight) then OOP (6 % weight) will be put out of ambit . SBI has already mooted the proposal and IRP is now looking at it very very closely with magnifying glasses.

But if we get 12% then we get to 66% . Then some can take legal battle forward that despite 66% we have no say in COC because of " abstain " clause of " IBC 18 25(A) 3 sub para 3" . Now Courts will listen and govt may listen because their voting is also coming near.

Suppose we Win this legal battle also . Then .... We will rule the COC . But who are we. Then majority amongst us will rule because they will remain aligned and get 51% in internal voting of HBAR on any agenda. Banks will whither away reduced to 30-32% .

So one can decide whether to be with the ruling majority in COC or sit out in opposition with no say what so ever.

That is the time Bidder of our choice will come . He will rake in the huge hidden potential . But he may not give you any delay penalty except 5 RS per sq foot per month.

NCLT will probably initially refuse to release 750 Cr . Then .. later .

Your work will start then next year end unless some property is sold now and we get 750 Cr

Swords will be out soon again .

So forget about voting etc .

Just fight for 750 Cr and some more about 1000 Cr from Tappal partial land sale . With that 1700 crore you will roll forward very fast . Just do it . Get on the streets . Get this agenda into COC . Get bankers to support you . But get this money .

Yesterday only SC said after great H Salves arguments that " look at solution to move forward . NCLT not to mess with CIRP process. Move forward . That is get money and get on with construct in a good swing . Fight for this money vigorously so that it hits the ground now and not later . It will get you your house at least one to two years earlier.

This is where AJ failed us . But we can help ourselves . Let's raise tempo for 750 plus 1000/ 500 . Let's do it NOW.

anil k Singh's picture

I don't know if changing IRP at this juncture will be good.

And what is the guarantee that whoever comes to his place will have empathy for home buyers and will not collude with others.

New IRP will also take time to understand nuances of this matter.

Keeping all this in mind, AJ at this moment may not be the best choice but possibly optimal one. On other questions, my strong NO.

Some of these expenses look exorbitant and others I am not sure.

By voting YES to question 1 and NO to question no. 2, 3 and 4, I would like to convey my concerns and put pressure on AJ.

This is just my wishful thinking at this moment.

Rajeev Gupta's picture

These are views of a prominent member of Association and an important member of other group which support SC review.
Be informed and take your decision.

Points for removal of Anuj Jain as IRP:
Main point: Always took a negative where law was silent.
Other negative points:
1. 8% simple rate instead of compounding
2. Unsecured creditor where he had option to get clarification from nclt
3. No clarification sought on 750cr yet
4. Supported jaypee in SC and also took very weak stand in court evem after repeated request by court to suggest resolution.
5. Gave possession whichout completion
6. Gave OPP with increase in super area
7. No effort made even in current scenario to approach homebuyers
8. He filed 758 acres case as that was apparent in public financial statements else new bidder would have sues him
9. Not done anything to invoke personal gaurantee of gaurs
10. Even after selecting highest bidder not able to make a resolution

Views for Retaining Mr Anuj Jain:

Anuj Jain I don’t like him as he has not acted in Homebuyers interest.However right now is not d correct time to remove him.

Iyer is recommended by IDBI implies he is handpicked.He is new entrant so for everything he will have ready excuse like I will think about it or will get back to u or worse say it was done in Anuj Jain tenure can’t b changed
Anuj Jain has failed once to find resolution so he will b under pressure to perform to try if possible for resolution.
He is there since beginning so can’t pass d buck or say he is not aware.
Right now it’s in Homebuyers interest he stays rather than get easy exit.
We will settle with him on later date.
By not voting d msg will go Homebuyers r protesting .
This is my understanding

IBc in business to consumer is on test and Jaypee is d test trial case.
Homebuyers r not able to come for protest due to various genuine constraints.
Here also if we collectively abstain it will send a strong msg and maybe amendment in Ibc
A known devil like Anuj Jain is better as v know his style of functioning and since he has failed once he (big)May do d right thing
Anuj Jain is not d option
When we abstain and Iyer needs 66%,Banks can garner max 45% then Anuj Jain will stay
Don’t remove him
Will catch him for asking of destruction of digital data
Here files r stored and this digital data he wants destroyed

anil k Singh's picture

Another view


Dear All, After detailed deliberations, We have decided to vote as below:

The four resolutions to be voted upon in brief are:

1. Continuance of Anuj Jain as RP: NO

2. Approval of consultants expenses including RPs expenses. YES

3. Delegation of authority for approval of expenses and signing cheques YES

4. Approval of payments made to JAL s subcontractors as related party payments YES




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