With 50 hours left to file their claims, 40,000 home buyers stuck in incomplete projects floated by Jaypee Infratech, against which the National Company Law Tribunal (NCLT) recently started insolvency proceedings, have three options before them.
Even if they miss the August 24 deadline, the buyers need not press the panic button as the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 clearly state that claims can be filed until the resolution professional submits a resolution plan.
Listed below are the options home buyers have to file their claims.
- The first option is to simply go ahead and file the claim forms by August 24, 2017. For this the buyers have to email their claims by filling Form F to IRPJIL@bsraffiliates.com or send them by post to Anuj Jain, C/o BSRR & CO., Chartered Accountants, 8th Floor, Building No. 10, DLF Cyber City, Gurgaon, 122002.There is no need for them to go and submit these claims at the above-mentioned address in person. Last week the Insolvency and Bankruptcy Board of India (IBBI) issued a Form F for creditors other than financial and operational creditors to file a claim. This can be obtained by clicking on this link.
Earlier, buyers were filling claims in Form C under financial creditors.
2) The second option is to wait for a clarification or a notification from the corporate affairs ministry or IBBI or an advisory by the insolvency resolution professional (IRP) (in this case Anuj Jain, a chartered accountant who has been appointed by the National Company Law Tribunal as the Interim Resolution Professional (IRP) under Insolvency and Bankruptcy Code) stating that home buyers are not required to fill any form.
In a meeting attended by Jaypee Infratech MD Manoj Gaur, the NCLT appointed insolvency professional Anuj Jain and CEO of Jaypee Infratech, corporate affairs ministry officials and home buyers yesterday, it was decided that home buyers may not have to submit any claim documents.
“We are much relieved as we do not have to file any claim forms by August 24 now. Jaypee Infratech will obtain statements of accounts of payments made by home buyers from its records and send these to each homebuyer to check for any discrepancy,” said SK Nagrath, a retired army official and president of Jaypee Aman Flat Buyers' Association.
3) In case the buyers decide not to file claims or fail to submit their proof of claim by Thursday, there is third option they have under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016. Section 12 titled Submission of Proof of claims clearly states that “a creditor, who failed to submit proof of claim within the time stipulated in the public announcement, may submit such proof to the interim resolution professional or the resolution professional, as the case may be, till the approval of a resolution plan by the committee.”
Forms had emerged as a major area of concern for Jaypee home buyers. Last week the Insolvency and Bankruptcy Board of India (IBBI) added a new form to enable homebuyers, such as those who have invested in Jaypee projects, to make their claims, recognising the problem that the existing forms were meant only for banks, creditors and employees.
Earlier, There were three categories of claimants and three separate forms: Form B for operational creditors, Form C for financial creditors and Form D for workmen and employees of Jaypee Infratech that were to be filled.
The National Company Law Tribunal (NCLT) admitted IDBI’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan earlier this month. NCLT appointed insolvency professional Anuj Jain as CEO of Jaypee Infratech.
Jain has been given six months to revive the company. This period is extendable by another three months. In the meantime, homebuyers have been given two weeks (until August 24) to raise claims related to their investment in the Jaypee projects.