Noida-Greno people pay attention! If your flat is stuck in jp then it is very important for you to know these 5 things

The land was allotted in the year 2003

Jaypee Infratech was allotted 2500 hectares of land for development in Noida in the year 2003. JIL (Jaypee Infratech) proposed to build more than 32 thousand flats and sell plots after four years. These were to be delivered by the year 2011-12. But so far only 12,000 flats and more than 100 plots have been delivered.

Buyers are fighting a legal battle since 2016

Thousands of stranded buyers who had invested in Jaypee Infratech projects have been fighting a legal battle since 2016. NCLT has also rejected the objections of Yamuna Authority and ICICI as well. Explain that the process of corporate insolvency resolution against Jaypee Infra started in August 2017. November-2022 The tribunal had reserved the decision on the bid of the security group. Home buyers had booked flats in Jaypee Infra in the year 2010.

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One of the high profile loan default cases

In 2017, Jaypee Infratech Ltd was one of the 12 high-profile loan default cases called the Dirty Dozen for insolvency resolution by the RBI and the Centre. Jaypee Infratech Limited has sold over 20,000 units across projects in Noida and Greater Noida. At the same time, about 19 thousand claims have been filed under the Insolvency Act. According to the information posted on the company’s website, around 1300 home buyers have not filed claims yet.

The process started in 2017

In June 2021, Suraksha Group had received the approval of the Committee of Creditors (CoC) for the acquisition of JIL (Jaypee Infratech). This includes banks and home buyers. This decision of the CoC has raised hopes of 20,000 home buyers getting possession of their flats in the stalled projects. The corporate insolvency resolution process against Jill was initiated in August 2017.

Projects will be completed in 6 to 42 months

The NCLT on Tuesday approved the resolution proposal of Mumbai-based Suraksha ARC to buy Jaypee Infratech. This company will complete 26 projects of Jaypee Infratech located in Noida and Yamuna Authority area in the next 6 to 42 months. This order was reserved in NCLT for about three months. Buyers say that the time that has passed cannot come back but now at least the way forward has been fixed and now work will start in these incomplete projects.