Jaypee Insolvency Update: Court invites homebuyers to submit fresh claims

In accordance with the direction of the Supreme Court in the Jaypee Infratech Ltd. case, a public announcement dated August 17, 2018 has been released by Mr. Anuj Jain (Interim Resolution Professional), also published in the Times of India and the Navbharat times. According to the announcement, the claims are invited by the homebuyers for amounts due as at the insolvency commencement date, i.e., August 09, 2017.

As per the 2018 amendment to the Insolvency and Bankruptcy Code, 2016, the homebuyers are now considered as financial creditors if they fall within the ambit of the amendment. In pursuance to this, the Supreme Court has directed to form a fresh Committee of Creditors (CoC) for the Jaypee Infratech Limited (JIL) which shall include the homebuyers in accordance with the 2018 amendment. The homebuyers are also entitled to a voting share in proportion to the claim amount admitted by the Insolvency Resolution Professional (IRP) along with the interest computed @ 8% p.a. for the purposes of determining the voting rights.

The creditors of JIL have been called upon to verify their claims as uploaded on the company website www.jaypeeinfratech.com which are based on the claims previously submitted by the homebuyers to the IRP, pursuant to the public announcement dated August 12, 2017. If any difference is found in the claim amount submitted previously, the homebuyers are required to submit revised claims with proof on or before August 28, 2018 at the email address [email protected].

 

The affected projects include:

1. Aman 
2. Garden Isles
 
3. Kasa Isles
 
4. Kensington Boulevard Apartments
 
5. Kensington Park Apartments
 
6. Kensington Park Heights
 
7. Kensington Park Plots
 
8. Kingswood Oriental (Part Project)
 
9. Klassic
 
10. Klassic Arcade
11. Kosmos
 
12. Krescent Homes
 
13. Kube
14. Orchards
15. Pebble Court
16. Wish Point
17. Yamuna Enclave
18. Aman III
19. Boulevard Court Apartment
20. Budh Circuit Studios – II
21. Naturvue Apartments
22. Tanishq Square
23. Sunnyvale Homes
24. Udaan
25. Villa Expanza Sunnyvale Homes
26. Yamuna Vihar Plots
27. Kensington Park Plots

Furthermore, as per the Insolvency and Bankruptcy Board of India (IBBI) regulation dated July 03, 2018, the homebuyers are required to appoint a registered Insolvency Professional (IP) as their authorized representative to attend the CoC meetings on their behalf. In this regard, Anuj Jain has proposed three IPs and their profiles have been uploaded on the company website www.jaypeeinfraech.com for the homebuyers to cast their vote for the selection of the authorized representative.

The voting shall commence from August 20, 2018 and will be continued till August 28, 2018. The IRP will appoint the IP with the highest votes as the authorized representative of the homebuyers. The voting instructions are available at http://www.jaypeeinfratech.com/public-announcement.html .

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