Despite an ongoing resolution process to find a company that can complete 22,000 under-construction flats of Jaypee Infratech in Noida, uncertainty still looms large for the buyers.바카라 웹사이트
This is because, of late, NBCC (India) Ltd, a government enterprise, one of the bidding companies, doesn’t seem to be as enthusiastic as it was in바카라 웹사이트March 2019바카라 웹사이트when it had come up with its first proposal to take over the company and complete the unfinished flats within three to four years.
Now, NBCC, formerly known as National Buildings Construction Corporation Limited, wants to submit a new proposal for which it has sought time till바카라 웹사이트April 24.
바카라 웹사이트The challenge is that the deadline for the resolution process will expire on바카라 웹사이트May 6바카라 웹사이트and the law says that in case the resolution process doesn't work out, the company will go into liquidation. Besides NBCC, another company Suraksha is also in the fray.
바카라 웹사이트In바카라 웹사이트July 2017, RBI for the first time referred 12 companies, one of which was Jaypee Infratech, to the National Company Law Tribunal (NCLT) as it allegedly defaulted in repayment of bank loan.
바카라 웹사이트A fortnight later, NCLT took up the case amidst Jaypee라이브 바카라 resistance that it was not a defaulter and its assets were in excess of its debt, hence it was not a fit case to go under a resolution process.
Despite that, NCLT appointed an Interim Resolution Professional (IRP) who invited proposals from companies to take over Jaypee Infratech and complete its unfinished projects.
Under the insolvency law, once all companies’ proposals come in, an evaluation expert is appointed to select the best proposal out of all. If the company with the best proposal gets 66% vote in the Committee of Creditors (CoC), which includes homebuyers and banks, it gets the ownership right.바카라 웹사이트 바카라 웹사이트 바카라 웹사이트
바카라 웹사이트If it fails, the other company라이브 바카라 proposal is put to vote and the process continues till a proposal gets approved.
바카라 웹사이트Homebuyers’ worry is that if the whole process is not wrapped up by바카라 웹사이트May 6, the company will go into liquidation as the possibility of the extension of the deadline is quite dim.
“In the case of certain companies, the Supreme Court has allowed the extension of the stipulated time period of 270 days so we hope that similar thing will happen in this case also,” ML Lahoty, a Supreme Court lawyer told 바카라, adding that the apex court had insisted during one of the hearings of the case that real estate companies shouldn’t go into liquidation and all options should be explored to resolve the financial challenge.
바카라 웹사이트Interestingly, Jaypee바카라 웹사이트 Associates Ltd, the parent company of Jaypee Infratech, which is under resolution proceedings, has also given its proposal to get back the company라이브 바카라 management. Under the existing law, a company can make such proposal.바카라 웹사이트
바카라 웹사이트“In case, NBCC and Suraksha both fail to get the required vote, Jaypee Infratech라이브 바카라 proposal can be taken up,” says Jasbir Mallik, an SC lawyer, adding that it will need 90% vote in the CoC to get back the ownership.
바카라 웹사이트To win over buyers, it has offered several benefits such as payment of penalty to buyers for the delay in delivery, 2,000 company라이브 바카라 share to each flat buyer, payment of 50% stamp duty at the time of registry and waiver of the first year라이브 바카라 maintenance charges.
바카라 웹사이트Many buyers are of the view that as long as NBCC라이브 바카라 new proposal is not on the table, Jaypee라이브 바카라 offer looks quite attractive and profitable.
For instance, NBCC라이브 바카라 first proposal said that it would only pay 25% of the total amount due to homebuyers as a penalty for the late delivery of flats.바카라 웹사이트바카라 웹사이트
The most interesting aspect of the whole resolution process is that both NBCC라이브 바카라 and Suraksha라이브 바카라 financial proposals are almost similar to Jaypee Infratech라이브 바카라바카라 웹사이트March 2017바카라 웹사이트proposal to banks in which the company had offered land to pay off its debt and generate working capital바카라 웹사이트for the construction of home buyers flats.바카라 웹사이트바카라 웹사이트
바카라 웹사이트“It had again proposed to sell off its assets such as the Yamuna Expressway, its cement plants, and other land assets, to raise funds in SC in 2018 but it was not allowed then,” Atul Khanna, a homebuyer told 바카라, adding that had it been accepted then, things wouldn’t have been delayed for so long.
바카라 웹사이트Jaypee Infratech바카라 웹사이트 launched close to 50,000 flats around 2011 in various ambitious real estate projects in Noida and along the Yamuna Expressway area. However, the slowdown in real estate sector and various other factors affected the financials of the company's and shattered its buyers' hopes.
