Jaiprakash Associates Limited (JAL) has entered insolvency proceedings that have affected homebuyers and allottees.
Note: Claim Forms must be filled by the buyers.
References: Homebuyer Frequently Asked Questions, FORM CA
Deadline for Filing Claims: The submission deadline is June 17, 2024. Extensions may be granted under certain circumstances.
JAL's Insolvency: The National Company Law Tribunal initiated insolvency proceedings against JAL on June 3, 2024. The Interim Resolution Professional (IRP), Mr. Bhuvan Madan, now oversees JAL's affairs.
Understanding CIRP: The Corporate Insolvency Resolution Process (CIRP) aims to address JAL's financial distress, exploring possibilities for revival rather than immediate liquidation.
Duration of CIRP: The CIRP typically lasts 180 days, but it can be extended up to 330 days, as per the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).
Committee of Creditors (CoC): The CoC comprises creditors, including homebuyers, who have a stake in JAL's resolution. They play a vital role in decision-making during the process.
Forms for Filing Claims: Creditors must submit various forms, such as Form CA for homebuyers, to assert their claims. These forms are crucial for the verification process.
Filing Claims: Homebuyers can file their claims electronically without requiring physical submissions. Forms must be sent to cirpjal.claims@gmail.com.
Authorised Representative: Homebuyers can appoint an authorised representative, typically a registered insolvency professional, to represent them in CoC meetings.
Supporting Documents: Various documents, including allotment letters, payment receipts, and KYC documents, are required to support claims.
Eligibility for the Committee of Creditors: Homebuyers who have filed claims and have not received possession of their property are eligible to join the CoC.
Checking Claim Status: Claimants can monitor the status of their claims through the Resolution Professional's website.
Way Forward: The IRP aims to expedite the CIRP process to facilitate a resolution. Further steps will be discussed in CoC meetings.
Addressing Concerns: Claimants can raise concerns about claim discrepancies, which the IRP/RP will review.
Legal Proceedings: All legal proceedings against JAL are stayed, as per the moratorium declared by the NCLT.
Possession Rights: Filing claims does not affect possession rights, and the IRP will verify all claims as per the Code's provisions.
