The government has been trying to solve this crisis in the midst of the collapse of the dream of thousands of builders and the dream of thousands people who buy their homes in incomplete buildings. One of the ways in which the consideration is being taken is that the other company can be sold to other assets to raise money for the completion of the developer’s incomplete housing projects. The National Company Law Tribunal has a loan of Rs 526 crores But to default, accepting the petition of bankers to initiate insolvency proceedings against JP Infratech, thousands of home buyers are also stuck in middle. This may be the case with many more developers. This can increase the difficulty of home buyers in the National Capital Region.
According to a High Posted Officer: We will discuss with the Corporate Affairs Ministry that there is no legal basis for this in the bankruptcy Code or not to sell the second assets of the companies and to make arrangements of finance for the pending projects. The Corporate Affairs Ministry will see whether the Insolvency and bankruptcy Code has the legal basis to do this. The government is also considering the option of appointing receivers and government agencies to complete incomplete projects.
The Government is concerned that with the implementation of the Real Estate (Regulation and Development) Act, this problem can be deep and developers of many other paused projects may be bankrupt. The source said, “We will have to take legal route through the NCLT, which can order an authority like a State Agency to order so that builder’s assets can be sold and the funds from that sale can be completed incomplete projects. ‘ He said that insolvency proceedings can continue with it.
Last week, the Allahabad Bench of NCLT had accepted the petition filed by IDBI Bank’s insolvency on JP Infratech loan default case. He made Anurag Jain, Chartered Accountant, BSRR & Co, Interim Resolutions Professional so that he could increase the action under code. JP’s biggest incomplete project is Noida’s wish town project. It is being told that the company has handover more than 5,500 out of 32,000 proposed flats. There are 305 towers in this project. 250 of these are incomplete.
JP Infratech is one of the major corporate loan defaulters, against whom the banker’s proceedings have been initiated under the new law. Other such companies include Bhushan Steel, Bhushan Steel and Power, ElectroStyle Steels, Lanco Infratech, Alok Industries and Jyoti Structures.