Are flat buyers financial creditors, operational creditors or other creditors?
This will depend on the nature of the agreement the buyer has with Jaypee Infratech Ltd (JIL). The IRP will evaluate and verify the claim based on supporting document.
Which form should the buyer use to file claim: Form B, C, or F?
Regulations require financial creditors to file claim in Form C, operational creditors in Form B, and other creditors in Form F. Insolvency and Bankruptcy Board of India (IBBI) has issued a Form F for creditors other than financial and operational creditors to file claim. Flat buyers may file their claim in Form F. If any flat buyer is unsure or confused about hisher status as financial, operational or other creditor, he/she may file claim in either of the three forms and IRP will not disqualify the claims for incorrect form.
IBBI has introduced a new Form F on August 16, 2017.Are those who have already filed their claims before August 16 required to file their claim again in Form F?
What will happen if flat buyer fails to submit proof of claim within stipulated time?
Flat buyer is requested to at least submit the form by the deadline provided August 24, 2017. The supporting documents can be provided subsequently .
Will the formclaim be rejected if the proof of claim is not submitted? Can it be filed after August 24, 2017?
The claim will not be rejected but to verify the claim it will be useful to file proof. Proof can be filed any time before resolution plan is filed.
Will deadline for filing the claims be extended? Will the deadline for filing forms be extended for persons staying outside India?
IRP cannot extend the timeline.
Can a flat buyer cancel the booking and ask for refund?
The IRP is trying to ensure that development of the project continues. The provisions of agreement/ allotment letter continue to be valid and all rights of parties (including cancellation by flat buyer) can be exercised subject to provisions of the Insolvency and Bankruptcy Code, 2016.
Does a buyer whose flat construction is complete but possession letter is yet to be handed over need to file claim?
It is advisable all the flat buyers file their respective claims.
Do buyers to whom occupancy rights have been given also need to file claims?
A flat buyer who has received possession and do not have outstanding claim may not file the claim form.
How should the Form be sent to IRP?
All claimants can file their claims electronically at the email id IRPJIL@bsraffiliates.com or send by post to Anuj Jain, Co BSRR & CO., Chartered Accountants, 8th Floor, Building No. 10, DLF Cyber City , Gurgaon, 122002.There is no need to visit in person.
Can flat buyers living abroad file the Form by electronic means only?
Do flat buyers who live abroad need notarization of affidavit in support of Form?
Do foreign residents need to get the claim form attested by Indian embassy?
Does the affidavit need to be on stamp paper?
Can a claimant appoint a representative to sign the Form on his behalf?
Yes, subject to the representative having a valid authority/ Power of Attorney .
What are the supporting documents of proof needed to be attached with the claim form?
Documents that are needed to support your claim are allotment letter, receipts etc.and other communication material in support of claim.
What if the claim of flat buyer is for the flat and not refund?
The flat buyer may mention in claim form that heshe wants the flat only as per terms of the allotment letter.IRP is trying to ensure that development of project continues.
Will construction and allotment continue?
The operations of the company is being continued as a going concer n.There would not be any disruption in the day to day affairsoperations of the company .
What about court cases filed by flat buyers?
All cases against JIL for enforcement or recovery come to a standstill. Please refer to Section 14 of IBC.
What is insolvency resolution process?
This is a process during which steps are explored for restructuring of the company. It is not a proceeding for liquidation.
What is a resolution plan?
It means a plan by which a solution is found to the company’s current distress by continuing the company as a going concern.
What are the timelines?
180 days from August 9, 2017.This can be extended by a maximum of 90 days. A maximum period of 270 days is permitted under the Insolvency and Bankruptcy Code, 2016.