Insolvency plea: Jaypee homebuyers' claim filing guide
What's the story
IDBI bank has received the nod to start insolvency proceedings against Jaypee Infratech for defaulting on Rs. 526.11 crore loan that it took for its Wishtown project in Noida. NCLT has made Anuj Jain the Interim Resolution Professional to carry out the proceedings and homebuyers will have to file their claims by August 24. Here's a list of things that they should keep in mind.
Filing
What and where to file
Jaypee Infratech and Jaypee Associates of the Jaypee group are developing projects in Wishtown Integrated township in Noida. Those, who have purchased flats via Jaypee Infratech need to approach Anuj Jain, the Interim Resolution Professional (IRP), for a refund if the revival of the firm fails. They should approach the IRP with a claim that details their investment along with valid documents.
Do you know?
The required form
A home buyer belongs to the category of a financial creditor, which means he/she needs to file Form-C. It can be downloaded from here: http://www.ibbi.gov.in/limited-insolvency.html
Claim
When do you get paid?
Remember, first banks and financial lenders will get refunded and then those, who have filed claims, will get their refunds. If you haven't filed a claim, your chances of getting refunds will depend on the availability of funds. If you are unable to file the claim by yourself due to some reason, your family member with proper documents can file it for you.
Lawyer
How to go about it?
It's advisable that you file the claim in a group or via buyers' associations along with an expert lawyer. However, it doesn't mean that one can't file individually. To do so, you'll need the Form C filled out, a Rs. 10 stamp paper and an affidavit citing your flat number. You'll also need a proof of the payments that you've made to Jaypee Infratech.