Key Highlights: 

  • Homebuyers of Jaypee Infratech to file claims by August 24, 2017
  • SC to hear PIL filed by Jaypee's homebuyers 
  • A total of 32,000 homebuyers ask for stay on NCLT order on August 09

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The Supreme Court (SC) has agreed to hear a Public Interest Litigation (PIL) filed by home buyers of Jaypee Infratech. They are seeking a relief from the Sc against the order passed by the National Company Law Tribunal (NCLT) on August 09, 2017.

Nearly 32,000 people are affected by the NCLT order as they worry their savings given to the builder for their homes will go waste if NCLT declares the company insolvent and begins proceedings. 

According to a Livemint report, the matter was brought by Chitra Sharma, a Delhi-based resident, before a bench headed by Chief Justice J.S. Khehar who agreed for hearing on August 24,2017. 

Form B, Form C and Form F require information like name of operational creditor or financial creditor, identification number, address & email-id, total amount of claim and bank account details.

Form D needs information like name of the workman/employee, PAN number, passport information or Aadhaar number, address & email-id, total amount of claim along with details of bank account.

As per the advise dated 22nd August 2017 issued by the Insolvency and Bankruptcy Board of India to the IRP, “the claims of home buyers may be obtained from the records of the debtor and verified by/from the home buyers either individually or collectively”.

Therefore, if a home buyer is unable to submit his/her claim in the prescribed format by the due date of 24th August 2017, the IRP will consider his/her claim on the basis of the Company’s record (SOA) and books of account and decide after its verification in accordance with the IBC.

Jaypee Infratech is among the 12 defaulters identified by the Reserve Bank of India (RBI) on June 13, 2017 for Insolvency & Bankruptcy code (IBC).

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