Starting the bankruptcy process against JP Infratech Limited (JIL), the future of the flat buyers hanging in the balance has started to look safe. On Monday, the Supreme Court not only gave the management of the company back to the Interim Residential Professional (IRP), but ordered to take care of the interests of the flat buyers, on the other hand, JP Associates Limited, on the other hand, would have to pay Rs 2 thousand crore in the court registry till October 27. Order to deposit so that buyers’ interests are safe.
The three-member bench, chaired by Chief Justice Deepak Mishra, gave hearing on the application of IDBI Bank seeking a change in the interim order of the Supreme Court on September 4. On September 4, the Supreme Court, hearing the petition of flat buyers, had put an interim ban on the order of initiating a bankruptcy process against the company of the National Company La Tribunal (NCLT), JP Infratech Company, as a result of the bankruptcy of the company. Management went back to JP Infratech with the hands of the IRP.
Attorney General K.K. Venugopal, appearing for the Center and the bank on Monday, said that the order of the court, JP Infratech Company’s management has gone back to the company by the hands of the IRP. The court’s motive would not have been in order when giving the order. Looking at the IRP to the interests of all the relevant parties, the court should give time to make a plan. Under the bankruptcy law, the IRP has the right to make plans. On the other hand, buyers’ advocate Ajit Kumar Sinha said that the court protects the interest of buyers while giving the order. After hearing arguments, the court handed over the management of JP Infratech back to the IRP while making changes to the September 4 order. The court said that the RRP will enter its interim plan in the court in 45 days and while preparing the plan, the interests of flat buyers will be taken care of.
The court appointed senior lawyer Shekhar Nafade as the assistant of the court and said that he will participate in the meeting under bankruptcy law and preserve the interests of flat buyers. The court said that JIL and JAL’s Director and Managing Director will not leave the country without the permission of the court. The court said that Jai Prakash Associates Limited (JIL), which is not a party to the bankruptcy process, will be able to deposit Rs. 2 thousand crore in the Supreme Court registry by October 27. If the company has to sell its property, then the court will get permission from the court. All the pending civil hearings against JP Infratech have been banned under Section 14 (1) (A) of Bankruptcy Law. The court has said that this is because the courts have already given the management of the company to the IRP. He is giving these orders keeping in mind the provisions of bankrupt laws and the interests of flat buyers. The hearing will be held on November 13
To complete two projects, JP will get permission with the conditions: Greater Noida: The dream of the house of the investors of two projects of JP Sports City located in Sector 25, which wanders for Asia, will be realized soon. In order to complete the construction of the project, Yamuna Authority is ready to approve layout and building map with certain conditions. The authorization will only approve the map of part of which the builder has flat booking.
Investors of JP Group’s Builder Project are fighting to get the flat occupancy. Yamuna Authority has canceled five projects in the field before the JP Group The investors of these projects have to give the first installment of the money back to the JP Group by October 31. In the event of non-payment of installment, the authority has taken the decision to compensate the amount by taking back the land from the JP Group and in the board meeting. In the Yamuna Authority area, the Authority has decided to take positive steps in the interest of investors of JP and CASIA projects in JP. Because the lay out and the building’s maps were outstanding, the Authority rejected the two projects.
A delegation of the project’s investors met on Monday with the Chairman of the Authority Dr. Prabhat Kumar and urged them to take appropriate steps to get the possession of the flat. He said that the builder says that as long as the Authority does not sanction the project layout layout and building map. It is not possible to complete the construction work. He told that about a thousand people had booked in the project. They had to win in 2014. But till date construction work is incomplete. Chairman Prabhat Kumar told that the authority will allow the completion of the project along with the conditions. There will be permission to complete the construction where the booking has been done. The builder will not be allowed to make a new booking or to sell flat.