The National Company Law Tribunal (Allahabad), while granting the petition of IDBI Bank, has ordered the JP Infratech Company to start the process of declaring bankruptcy. Tribunal authorized Chartered Accountant Anuj Jain to make an offer for this. In accordance with the order of the Tribunal, in Delhi-NCR including Noida and Greater Noida, eclipse has been started on the residential colonies being developed by the company.
The Tribunal, while applying the bank’s petition, has instructed to prepare and present the proposal under ‘Insolvency and Bankruptcy Code’. In the Tribunal, the Bank had filed the petition in June this year under section 7 of the Code, not paying the dues of 526 crore 11 lakh 40 thousand 827. The Tribunal has directed the copy of the order to send all those financial institutions (who have given the investment / loan in this company).
- In Noida, the company’s five projects are being built in 68 towers, around 32 thousand investors will be affected.
- National Company Law Tribunal decides on IDBI Bank’s petition thousands of investor in trouble
Order effective from 9th August: Tribunal Judge H.P Chaturvedi has said in the order that the system will be effective from 9th August and will continue till the bankruptcy proposal is ready or the tribunal does not pass any order in this regard.
Tribunal has banned any new civil dispute or enforcement of liability against JP Infratech. It is said that those who violate this order will be subjected to penal action under the Surfaces Act, but this provision will not interfere with any transaction by allowing the Central Government to allow the financial sector regulator. Tribunal has authorized CA Anuj Jain to prepare proposals under the Evolving Act. In addition, any other institution or person holding company’s management and liability has ordered to cooperate in this action. Tribunal has given Anuj Jain the right to secure the value of the property of the company and to arrange for mortgage in the corporate world.
Eclipse on Residential Colonies: JP Builders is building 32 thousand residential flats in Noida and Greater Noida. Its accommodation is being worked on a big project of five townships in Aligarh, Agra and Gautam Buddha Nagar. This order of tribunal has been eclipsed on all the plans of the company. The group has also been trapped by thousands of customers who deal in buying flat in residential colonies.
- In Noida, JP Infratech has 885 acres, while in the district there is 2471 acres in the name of JP.
- The number of investors in JP is about 32 thousand. There are one commercial and five residential projects running in Noida.
- JP’s Greater Noida Authority owes around 1200 crore rupees.
- Between November 2007 and February 2010, JP Infratech launched all its projects.
- Project was to be completed from 2011 to 2013, so far no single project has been completed.
- JP has been excluded from the Noida Authority’s default list.
- A few days back, Noida Authority has released a compilation of about 9 in 68 towers.
RBI’s advice to start a Bankrupt Process: The case of JP Infratech is included in the 12 cases identified by the Reserve Bank on which the banks were advised to initiate a bankruptcy process in the tribunal. The list includes JP Infratech, Monnet Steel, Jyoti Structures, Electrosteel, Amtek Auto, Essar Steel, Bhushan Steel, Bhushan Power and Steel, Lanco Infratech, ABG Shipyard, Alok Industries and Ira Infra and Engineering.
Answer was given till August 4 : Jaiprakash Associates holds a 71.64 percent stake in JP Infratech. Tribunal gave JP Infratech up to August 4 to respond to the bankruptcy petition filed by IDBI Bank.
Sports City has been built on this land. It has a residential project including the international Buddha Circuit, Cricket Stadium. JP launches Project of Nature View, Residential Plot, Buddha Circuit One, Buddha Circuit II in Sports City. In this, about three and a half thousand investors booked. Apart from this, other builders were also sold for group housing. Due to lack of possession of the flat, investors have long been demanding their money back. Dr. Arunvir Singh, CEO of the Authority recently gave orders for the investors of three projects to return the money in four installments of one year with interest.
Confused about JP Golf Course: There has also been confusion over the JP Group’s 18-hole golf course spread over five hundred acres in Greater Noida. The JP Group has sold it by making flat and villa. Their price ranges from 30 million to 10 million. Apart from this, Five Star Hotel, Resort, Integrated Sports Complex. The nights of those who live in the golf course have sunk. The confusion about the JP Golf Course is also confused with the Jaypee Group’s 18-hole golf course spread over five hundred acres in Greater Noida. The JP Group has sold it by making flat and villa. Their price ranges from 30 million to 10 million. Apart from this, Five Star Hotel, Resort, Integrated Sports Complex. Those who live in the golf course have slept nights.
Debt of Crores Rupees: The Yamuna Authority on the Jaypee Group has a debt of crores of rupees. The Authority had warned the JP Group to cancel the allocation of 671 crore due to non-payment of dues. JP Group has deposited Rs 410 crore and applied for rescheduling. There is also a liability of crores of rupees for the additional compensation of 64.7 per cent to the affected farmers of the JP Group. The liability of Rs. 1 crore is the liability of the Yamuna Authority for crores of rupees. The Authority had warned the JP Group to cancel the allocation of 671 crore due to non-payment of dues. JP Group has deposited Rs 410 crore and applied for rescheduling. There is also a liability for crores of rupees for the additional compensation of 64.7 percent of the affected farmers of JP Group.
The steps were taken by the company itself: The company filed an objection to the petition of the bank, but withdrew it. After this, the bank formally filed the petition, accepting that the process of declaring the company as bankrupt was initiated. Anuj Jain has been appointed under Section 7 of the Inclusive and Bankruptcy Code 2016. The company had pulled itself out. Step 1 The company filed an objection to the petition of the bank, but it had withdrawn. After this, the bank formally filed the petition, accepting that the process of declaring the company as bankrupt was initiated. Anuj Jain has been appointed as executive under Section 7 of the Inclusive and Bankruptcy Code 2016.