NCLT ruling on jaypee
Seems like a difficult outcome for wishtown home buyers. Worry is how many more Noida builders will go the jaypee way and will prefer to be processed under NCLT then face the homebuyers, rera etc. Concerning situation. Hope the Yogi Govt takes steps in favour of home buyers and not builders which has always been the case. more
Viewed by 335
I am not sure if the rules provide. Govt should annexe personal properties of the directors of JP Infra; freeze and cease the personal bank accounts of the directors; and utilise the money for completion of the projects that JP Infra is leaving high and dry. more
Aug 14
If the money diverted from the projects is traced correctly, then assets of ex CMs of UP for last ten years will have to be attached and sold. more
Aug 15
An owner of a country Home myself in Jaypee, I have a strong feeling that the builders, Ministers and the Authority officials are all in this together. If Jaypee can let down home buyers and put them in dire straits I fear to think that this will set a norm for the smaller builders. I urge CM Yogiji to kindly look into this as Uttar Pradesh has too many PIO and OCI Visa holders like myself who looked forward to starting comfortable lives here beginning with a decent secured home. If one who cannot get a preferred home to start with,after investing huge amounts, how can they come and invest in any form of business? THis will in later years create a bad name for India in terms of trust. Trust is paramount in any form of business. Security here has already deterred many to come to Uttar Pradesh to invest because of the number of crimes against women. So, in short - clean up!. more
Aug 13
Yes, I fully agree & have a strong feeling that the builders, Ministers and the Noida Authority officials are all in this together.
We, as Middle class, are not part of a big Vote Bank hence these politicians just pay lip service and go back. But culprit builders are enjoying their full sympathy. Even BJP Govt Both at Center and State is going very soft on them. more
We, as Middle class, are not part of a big Vote Bank hence these politicians just pay lip service and go back. But culprit builders are enjoying their full sympathy. Even BJP Govt Both at Center and State is going very soft on them. more
Aug 14
This process before the NCLT itself is in the interest of the home buyers and has been taken at the instance of RBI. This step has been taken up as a test case in real estate sector against JP as it is the biggest project involving maximum home buyers. The proceedings under NCLT are time bound and can result in change of the management or dilution in the ownership of the project. Presently, JP Group owns more than 71% in the project. The threat of loss of management, control and majority ownership will force JP to find a resolution by bringing more capital either through divestment of other assets or by bringing a financial partner or sale of part of the assets of JP Infratech. The resolution would be under the Supervision of NCLT and is likely to be free from political pressure. The restructuring may involve banks taking a hair cut, which decision if taken outside the purview of NCLT, would be politically and administratively difficult. In case no solution is found within 180 days, the time period can be extended by 90 days. There would be no change in the present working of the Company except that the present BOD will be superseded and the Company would be run by the CEO appointed by the NCLT. more
Aug 12
Innocent Flat buyers will be saved only if an investor steps in and takes over Jaypee Infra. Otherwise , Flat buyers as unsecured creditors will not even get peanuts.
Buyers money in Jaypee Infra siphoned by JP Associates. So a Forensic Audit is called for asap to bring Truth on the Table. more
Buyers money in Jaypee Infra siphoned by JP Associates. So a Forensic Audit is called for asap to bring Truth on the Table. more
Aug 14
Thanks for msilI am suffering at the hands of Smrapali Greater Noida.regards Parth Sarathu From: "RN Chopra"support@localcirclesmail.com Sent:Sat, 12 Aug 2017 07:42:06 +0530 To: parth50@rediffmail.com Subject: "NCLT ruling on jaypee" in [Making Noida Better Together] more
Aug 12
Innocent Home Buyers don't come under VOTE BANK, hence don't expect anything from Govt-State or Central. Such matters hanging for last 3-4 yrs but Govt/system silent. Toothless RERA has been brought in just to help unscruplous Builders whose reach to Big Politicians is always there. All Big/Sr advocates argue cases for such Builders only at hefty fees. more
Aug 12
