NCLT admits insolvency petition of IDBI against Jaypee Infratech

Jaypee Infratech first real estate company to receive time to clear debts under bankruptcy code

Japypee has been given a stipulated time frame of 6 months to clear all its debt defaults. | Image for representational purpose only

The Bench said in its statement, "Consequent upon withdrawal of objections filed by the company, NCLT, Allahabad Bench has on August 9 pronounced operating portion of its order admitting the petition of IDBI Bank Ltd BSE -2.23 % filed under Section 7 of Insolvency and Bankruptcy Code 2016 and appointing Interim Resolution Professional".

Jaypee Infratech has become one of the first companies to be given a chance to clear all its debts under the provisions of the Insolvency and Bankruptcy code, 2016 and the Real Estate Regulation and Development Act, 2016 (RERA). This can, however, be extended up to 90 days. Along with the flat buyers, it will allow the banks and other lenders and creditors, which lent home loans to make their claims. Jaypee Infratech could provide possession of only 1,000 flats out of 5,000 in the Jaypee Aman project in Sector 151.

The NCLT has appointed Anuj Jain as the CEO of the company to oversee the insolvency proceedings and invite claims from the buyers.

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The company's rising debt limits are related to some of their famous housing schemes around Yamuna Expressway, Noida-Greater Noida expressway; Wish town etc. The company has promised to complete its projects by March 2018.

But the ones to suffer are the home buyers, who have invested their savings and hard earned money.

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