How do Jaypee Infratech Buyers Fill the Claim Form?

A step-by-step guide on how to stake claim to your Jaypee property.

While the government is trying to find a solution to Jaypee Infratech’s housing project Jaypee Wish Town – which has been embroiled in controversy – the process of insolvency has begun, making it easier for people to stake claim to their property.

The Allahabad bench of the National Company Law Tribunal (NCLT) declared Jaypee Infratech an insolvent company recently, leaving home buyers who have invested lakhs of rupees in Jaypee properties in the lurch.

The buyers have been given time till 24 August to raise claims related to their investments in the project.

The NCLT-appointed insolvency resolution professional Anuj Jain took on the cause of Jaypee Wish Town home buyers. Jain made it clear that if a home buyer makes a claim in any form, their claim would not be discarded. “If you are also a Jaypee Wish Town home buyer, then we will tell you how to fill your claim form,” he said.

Where and How to Fill Claim Form

First, you have to visit the Jaypee Infratech website, www.jaypeeinfratech.com. On the website, you will see “Corporate Insolvency Resolution of Jayepee Infratech Ltd.” As you click on the link, you will find the details of the insolvency process. Here, you will find the NCLT decision along with three forms in which the claims can be made.

Different categories of home buyers are not available on the form, but it states that the creditor’s claim will not be rejected on the basis of filling a wrong form. There are three forms, including one for banks and one for financial institutions. Home buyers can fill Form B or Form D for their claim.

The form needs to be downloaded, filled, and submitted to the insolvency resolution professional. The three-page form has details of the claim needed to be stated. These are the details to be furnished:

Evidence Can be Furnished Later

The insolvency resolution professional has made it convenient for home buyers to first fill the form and provide evidence later. However, home buyers need to remember two important things here:

First, the last date to fill the claim form is 24 August. 

So instead of waiting for the last date, it's best advised to fill the form at the earliest.

The documents of the booked flat need to be made available at the earliest. 

The insolvency resolution must be finished in a maximum of 270 days. At the same time, the insolvency resolution professional must check the validity of the claim and assess what the company owes the home buyers, and if the company has another resolution for itself apart from declaring bankruptcy.

For any other questions relating to the insolvency resolution process, email [e-mail].

(This article was first published in QuintHindi)