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Last week, the apex court had stayed insolvency proceedings against Jaypee Infratech. More than 30, buyers of Jaypee Infratech in Noida and Greater Noida are worried that the insolvency click at this page would leave them in a lurch and without a recourse to get either a house or compensation from the company. This is a process during which steps are explored for restructuring of the company.

It is not a proceeding for liquidation. The Without deposit room in mumbai has six months to revive the company by paying back debts to financial creditors and homes to buyers. The period can be extended by three more months. If the IRP is unable to revive the projects, assets of Jaypee Infratech will be sold and recovered money will be distributed among creditors, including homebuyers.

The corporate insolvency resolution process has been initiated only against Jaypee Infratech, one of the two promoters of The Jaypee Group which is developing 27 projects mostly in Noida and Greater Noida Full list of projects here. In August, homebuyers moved the Supreme Court against the insolvency proceedings to protect their interests. Homebuyers contended that insolvency would prevent them from getting either the promised flats or compensation from JayPee.

The IRP, Anuj Without deposit room in mumbai, said construction at Jaypee Infratech housing projects will continue as usual, adding that there is no payment issue as of now but he will be able to comment on whether the company has adequate funds to finish the project or not later.

Jaypee Infratech said on August 25 it will hand over possession letters to flat owners who have invested in projects that are ready. JIL was among the 12 companies that were referred to the NCLT following a Reserve Bank of India order asking banks to launch insolvency proceedings for recovering dues. SC asks Jaypee Associates to deposit Rs cr: Sep 11, Construction was stopped at Jaypee Aman, at Sector in Noida.

What is an insolvency resolution process? Which Jaypee projects have been affected? Why are homebuyers against insolvency? What has the company said? When did the controversy begin?

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Why thousands of Jaypee homebuyers stand on shaky ground. Relief for homebuyers, Supreme Court stays insolvency proceedings against Jaypee.

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