After the declaration of JP Group’s company JP Infratech’s bankruptcy, there is news of relief for troubled flat buyers. In view of the confusion in filling the Insolvancy Resolutions form, the Insolvancy Resolutions Professional of the company has decided that if the buyers fill another form instead of the required form for claim, the claim will be considered valid and the form will not be canceled.
According to the existing law financial credentials (bank) and operational creditors have to fill different forms in order to file an asynchronous petition. But any creditor claim is free to register. So those who buy the house in JP Infratech do not have to worry about it. According to sources, the main reason for this confusion is the Insolvancy and bankruptcy Board, it did not have any idea that such a situation could also come. The forms which the board has to prepare for the claim, are for only company .
One of the major reasons for confusion in this case is NCLT and NCLAT. In the context of a recent case, NCLT refused to accept the home buyer as an operational creditor. However, lawyers associated with the case say that this decision is still under consideration of the court. At the same time, in another case NCLAT had said that flat buyers who got fixed returns from the developers would come in the category of financial creditors. However, the buyers of JP’s Infratech may not be in this category. Now as the Insolvancy Resolutions Professional has no information regarding the fixed returns given by the company, so everyone has been given relief in filling the claim form.