Jaypee Infratech case: NCLT-appointed IRP assures homebuyers about protecting their interest

In his reply to earlier letters submitted by Jaypee homebuyers, Insolvency Resolution Professional Anuj Jain has assured the homebuyers that ‘he will be taking necessary measures for protection of interest of homebuyers’.

The reply also stated that he had submitted an action plan to the Supreme Court in a sealed cover that detailed the steps taken by him under the Insolvency and Bankruptcy Code, 2016. The action plan was submitted in the November 22 hearing of the case.

Jain wrote in his reply, “The Honourbale Supreme Court has appointed Mr. Shekhar Naphade, Senior Advocate and Ms. Shubhangi Tuli, Advocate-On-Record to participate in the meetings of the committee of the creditors of JIL to espouse the cause of and protect the interest of buyers.”

In two letters to the resolution professional dated September 15 and December 8 earlier this year, as many as 2,440 homebuyers representing nine associations had requested him to give them access to relevant portions of the resolution plan dealing with their interest or consider uploading the extract of the resolution plan dealing with the homebuyers on the website.

Jain also assured to the homebuyers that he is looking into related party transactions from the perspective of fraudulent transactions.

He wrote, “As regards reference to various related party transactions in your letter dates 15 September 2017 from the annual reports of JIL, and your contention of fraudulent preference, please be assured that related party transactions entered into by JIL are under examination in accordance with the provisions of the (IBC) Code. Necessary action will be initiated in accordance with the law, if required, based on the outcome of the investigation.”

With regard to claims submitted by the homebuyers he stated, “…they are in the process of being verified and considered by me in accordance with the provisions of the (IBC) Code and the regulations framed there under. As a large number of claims have been received the process of verification is expected to take some more time. Your clients will be informed of the outcome in due course.”