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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

anil k Singh's picture

Please read below... and take your own decision before you cast your vote... I hv given my reasons... you might feel convinced.

The four resolutions to be voted upon in brief are:
1. Continuance of Anuj Jain as RP:

YES. (Reason mentioned in point 4 below)

2. Approval of consultants expenses including RPs expenses.

Right now NO... can be decided later but first RP must prove by working in favour of HB.

3. Delegation of authority for approval of expenses and signing cheques
Every need has to voted before allowing the approval. We put blind trust on 9A n paid to Trilegal .. what did we get??? You know now.

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

This has to be paid by the builder who agrees to build Jpwt. He can collect his profits by selling the unsold inventory which I belv is a lot... as there seems to be only 10-11k HB rest are all jp agents flats.. this is my view alone n I’m sure it’s dead true.. this can be known only when ANUJ JAIN stays n is forced to share the details of ALL home buyers.. therefore I want AJ to stay.
There is land that can be sold to get the money to build our flats... then there’s 750 crores too with nclt... let the work get started ... any other decision can come later.


Rajeev Gupta's picture

I see most HBs are confused and divided with no signs of unity.Unfortunately 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.Friends can we make a coordination committee for this purpose with one representative from each association and two/three from Chitra ji's side 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.

Rajeev Gupta's picture

Dear Chitra ji

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

1. Home 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 property is at stake which is breach of constitutional right.

Singh Akash's picture

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