Noida, 11th July 2018: The case of bankruptcy and insolvency which is filed by the IDBI Bank against the Jaypee Firm has been the talk of the town and trending on the Real Estate news Noida for quite some time now. A bench asked Jaypee firm to deposit INR. 2,000 Crores along with its registry. After getting this notice, Jaypee Group informed the Supreme Court about their inability of depositing this hefty amount at once and requested to allow them to pay in installments.
On 22nd November 2017, Jaypee Group had deposited a Demand Draft of INR. 275 Crores. After then, on 14th December 2017 and 25th January 2018, INR. 150 Crores and INR. 125 Crores had been deposited respectively by the developers as per the law and order. These comprised a total deposit of INR. 550 Crores. Another INR. 200 Crores has been directed by the bench to be deposited in two installments, INR. 100 Crores on 15th April 2018 and the rest INR. 100 Crores on 10th May 2018. These make the total INR. 750 Crores received as a deposit by the Jaypee Group which is said to get distributed among the 2,800 homebuyers on a pro rata basis. These 2,800 homebuyers have demanded a refund of the booking amount which comes around INR. 1,300 Crores.
On 16th May 2018, the liquidation procedure against the Jaypee Infratech has been stayed by the Supreme Court. An amount of INR. 1,000 Crores has been asked to be deposited by the developers within 15th June 2018. But, according to the latest property news noida released on 4th July 2018, the Supreme Court pronounced some relief to the alleged company by decreasing the payable amount from INR. 1,000 Crores to INR. 650 Crores.
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At the time of the bidding process, the Jaypee Group proved to be an extremely undervalued company. They have put forth an affidavit to the Supreme Court which states that they would finish the construction of the apartments with the interim funds but, the Apex Court rejected the proposal. It has been assured by the Apex Court that they will approach the National Company Law Tribunal, Allahabad to take the further decision to restructure or revival the projects.
Meanwhile, the homebuyers who are the victim of this case are constantly getting puzzled as the complexity of this case is getting deeper with time. The homebuyers seem to have no faith in the Jaypee builders and they want a new financially strong builder to take over on them and facilitate the possessions. Some of the other demands raised by the homebuyers are:
- Quality construction
- Early possession
- No increase in super area
- Compensation for delay
- Car parking charges refund
As per the source, Jaypee Group is in the final talks with the ACC Limited to sell out the remainder of its cement business at a whopping INR. 5,200 Crores. An exclusive agreement between the Jaypee Group and ACC Limited has been made till 31st July 2018. If this happens any soon then the remaining payment to the Supreme Court will take place within the timeline and the buyers will get some relief.
Author: Somdeepa Bhattacharjee
Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.