‘Missing’ 10% in Jaypee: Nearly 2,000 buyers haven’t claimed homes – ET RealEstate

NOIDA: As votes pour in to pick between NBCC and Suraksha to complete nearly 20,000 houses at Jaypee Wish Town, there are nearly 2,000 homebuyers who stand to lose their investments and run the risk of forfeiture.

The approximate value of the forfeiture is estimated at around Rs 1,000 crore.

All creditors had time till 90 days from the commencement of the bankruptcy resolution process to claim their stake as stipulated by the Insolvency and Bankruptcy Code (IBC).

According to interim resolution professional (IRP) Anuj Jain, there are 1,933 buyers who have not claimed their property on paper and another set of 258 buyers who have claimed their houses late – after the official period designated by the Supreme court for buyers to fill the forms in 2017.

NBCC has upheld an order by the Supreme Court in which it had pronounced that unclaimed properties should stand extinguished.

However, Suraksha has taken a more accommodating stand – it has proposed that it would consider homebuyers’ claims until the end of proceedings at the National Company Law Tribunal (NCLT).

According to sources, the IRP’s office has on numerous occasions published advertisements and urged buyers to claim their property. Some of those who haven’t filed claims have paid up to 90% of their flat value. One such buyer is Kanishk Singh, a commercial pilot with a national airline. He told TOI, “I stay out of the country for long periods. I booked a flat for Rs 50 lakh flat a long time back. I have paid up to 90% of the flat’s cost but had no idea that I would have to fill a form to make a claim for my apartment. I filled up a form this month (June 3). I do hope my funds don’t get forfeited.”

Buyers of Jaypee Wish Town had over eight months to fill up forms and claim their property in 2017. A list was submitted by Jaypee Infratech on December 6, 2019, to the committee of creditors (CoC) overseeing the insolvency resolution, which declared a total 18,969 buyers as ‘active’ – those who wanted their houses.

The committee listed 412 buyers as refund seekers (‘inactive’) and 2,400 who had been given offers of possession.

A total of 2,191 buyers were listed by Jaypee as buyers who did not file their claims till December 2019.

From January 2020 till June 2021, 258 buyers have filled up forms, though these are not officially reflected in CoC records.

The Supreme Court had in a judgment clarified that “In the very scheme of the corporate insolvency resolution process, a resolution applicant cannot be expected to make a provision in relation to any creditor or depositor who has failed to make a claim within the stipulated and extended time”.

“The buyers who have not filed claims are not part of CoC or the voting process,” said IRP Jain.



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Noida: NBCC offers 49 Amrapali flats, 20 sold – ET RealEstate

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NOIDA: State-backed construction company NBCC on Monday sold 20 of 49 flats from different projects of Amrapali through its website.

Buyers had to fill a form and there were provisions for housing loans too. NBCC has a total inventory of around 5,000 flats in Amrapali projects.

While 10 of the 11 flats that were put up for sale at Sapphire II in Sector 45 were sold online, only three of 23 flats at Zodiac in Sector 120 were picked up. The other projects where flats were put up for sale were Sapphire I in Sector 45, Platinum in Sector 119, Silicon City I and II in Sector 76 and Noida Dream Valley Villa in Techzone IV of Greater Noida.

NBCC officials said they had competed 2,060 flats so far, which include 618 units in Noida’s Eden Park and Castle in Greater Noida. “We have completed two projects with 618 flats. These projects are Eden Park in Noida and Castle in Greater Noida. These apart, we have constructed 1,452 flats in other projects. Our next initiative is to start with the tenders for Tech Park, which would need around Rs 339 crore to develop. We are awaiting a sanction from the Court Receiver,” an NBCC official said.

The Supreme Court had on August 2, 2018, directed the construction company to submit a proposal for the completion of Amrapali’s stalled and incomplete projects in Noida and Greater Noida.

These projects had a total inventory of 46,575 flats. NBCC had submitted its detailed proposal in September that year and it was approved by the apex court on July 23, 2019.

The court had also appointed senior advocate R Venkataramani as the receiver to look after the work and organise funds for the completion of the project.

“We have informed the court receiver about the projects we have completed. We can pick up speed if the buyers pay on time,” an NBCC official said.

To expedite completion of the flats, NBCC has given a sub-contract to Noida-based Gaursons, which is supposed to complete 11,000 flats.



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Amrapali buyers asked to take approval before ‘spreading any message’ – ET RealEstate

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NOIDA: A message on the website set up for the Supreme Court-monitored completion of beleaguered real estate company Amrapali’s projects now has an advisory for homebuyers – “No homebuyer should spread any message about Amrapali projects without the authorisation of the Court Receiver.”

While a lawyer involved in the Amrapali legal battles said the message was necessitated by inaccurate information doing the rounds, some homebuyers asked if this meant they could not even air objections should they have any without first taking approval. Public sector construction company NBCC is overseeing the completion of Amrapali flats. It has a commitment to deliver over 38,000 flats within 2023. It has so far completed around 2,000 flats.

Kumar Mihir, a real estate advocate representing homebuyers, said, “The message by the Court Receiver appeared on the website after some buyers posted controversial messages on their social media accounts regarding Amrapali projects that caused a stir. The buyers are already affected by the delay in the Amrapali projects and nobody wants additional problems because of rumour-mongering. The message has been in place since March.”

A buyer at the Sapphire project, Ravi Kant, had a different view. “If a buyer spreads wrong information, the court can take action. A large number of buyers who have been waiting for years for their flats obviously have their own fears and concerns,” he said.

The website of the Court Receiver has streamlined information dissemination on ongoing construction work with options for buyers to choose newsletters on their project to help them track progress of construction. Guidelines have also been given on when buyers can go and check the progress of their flats, including payment and completion schedules. Court Receiver R Venkataramani did not respond to requests for a comment.



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Around 6,000 flats in Jaypee Wish Town to be handed over by next year – ET RealEstate

NOIDA: Around 6,000 flats at Jaypee Wish Town will be delivered to buyers by 2022. Some of these will be freshly constructed, others are complete but have pending work like fittings left to be done before the keys can be handed over, according to resolution professional Anuj Jain.

Jain told TOI, “We initially had 28,000 flats to complete. Of these, we have already delivered 8,500 and now are left with 19,500 flats for completion. Of the 8,500 flats that have been delivered, some still have finishing work left to be done, which includes floorings and fittings. So, we will complete those and also finish constructing some others and together, have set a target of handing over around 6,000 by 2022.”

The number of flats pending for completion has been reflected at 20,000 in the Supreme Court data, while earlier estimates by state-run NBCC had shown around 17,500 flats due for construction at Wish Town. The resolution professional has now updated the number of incomplete flats to 19,500. “If our work had not stopped last year, we would have completed at least 4,000 flats by now,” Jain said.

Meanwhile Suraksha and NBCC, the two resolution applicants in the JIL resolution case, have presented their proposals to the committee of creditors (COC). The lenders have responded to the fresh proposals and asked the bidders to come forth with better ‘land parcel’ offers for debt settlement. On April 17, both parties sought a week’s time to come forth with yet another revised proposal.

Meanwhile, construction work has picked up at the Wish Town site, with labourers being currently mobilised. “We have started mobilising workers at the site since last week,” Jain added.



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