Daily Updates for Members of Society

2 July 2024

Live Updates for Members of Society in ongoing developments in relation to CIRP of JAL

03 JULY 2024

Development with Authorised Representative of Homebuyers Mr. Amarpal

Direct contact with AR Amarpal has been established, all members who would like core team of society to ask their questions can communicate with Sunil Sharma to ask question on your behalf. It will be helpful to have meeting in organised manner and more constructive.

Text of Email from Mr. Amarpal

Dear Sir,

Thank you for your email. We appreciate your efforts and support to make fruitful and constructive meetings. 

As far as the representation by homebuyers is concerned. Every homebuyer is an individual member as per IBC laws, if all the homebuyers are okay that the key members of the society discuss the points with the undersigned AR then, we okay for the same. However, as per IBC laws, every homebuyer has to vote separately as per their understanding. 
This is your internal arrangement and understanding that all the allottees of the project support you to put up the points. As per the IBC, this is not a legal process, it may be adopted for the betterment of co-ordination and putting all points for the CoC.
The undersigned AR assures for the complete cooperation  
……
Regards,
Amarpal
Authorised Representative (AR) for the class of creditors -allottees in CIRP of Jaiprakash Associates Limited.

 

 

Meeting with Advocates and Legal Actions

1. A meeting was held with Adv. Anoop Trivedi ji at Allahabad and they have been asked to file an application in Allahabad High Court to request court to decide matter at earliest in order to protect the interest of Homebuyers. At present due to Status Quo on land no developmemt work is carried out, registry of plots are stopped, and even IRP will be restricted to do any development work. If title of land remains undecided then even any resolution applicant will not be able to offer any solution for Homebuyers.

Application to be filed within this week as AHC hearing is scheduled for 08th July.

This application will help us to approach SC, if YEIDA and JP act in manner to delay the case for their benefit, because case in Allahabad has been detrimental to HBs at large, it is in HBs interest that issue is decided by HC at earliest.

2. Our Impleadment Application at NCLAT was mentioned by Sr. Adv. Amar Dave and same was taken on record by bench and same time ICICI Bank advocate updated bench that One Time Settlement offer of JAL has been rejected and NCLAT to decide JAL appeal on merit. It seems that finally JAL CIRP will proceed and chances of settlement are dim.

STATUS OF CLAIMS FILED BY MEMBERS OF SOCIETY

As of now almost 620 members of society has filed the claims and our team at office is calling other members to fill up claims and helping the members wherever help is needed in filing claims, specially to elderly members and those who are not able to use computer.

JPSCWS Helpline Number – +917827063246

02 JULY 2024

Development with AR

Email sent to Authorized Representative of Homebuyers Mr. Amarpal to engage directly with key members of society to streamline communications, queries and messaging into COC Meetings

Meeting with Advocates

Today some of the Governing Body members had discussions with our advocates in NCLAT, Adv Amar Dave and Adv Sarwar Raza on strategy to move forward

  1. As of now our application is yet to appear in cause list but tomorrow morning Adv. Amar Dave will mention it in morning and will appear in NCLAT in person with Adv Sarwar Raza.
  2. Adv Amar Dave has guided us in direction towards proposing solutions to the challenge, rather than just making some statements in court in order to get our foot in NCLAT.
  3. Tomorrow we have to inform the court that Homebuyers are before the court as affected parties and projects of Homebuyers has to be looked into prior to allowing blanket insolvency process to whole group and all businesses of JAL.
  4. Part of these resolutions is that IRP be asked to prepare the project wise feasibility report for development of projects including cash flow report and based on this report decide the process for projects of Homebuyers. Though IRP has been asked about this report by some members of COC but an instruction from NCLAT will expedite the preparation of this report. IRP may also look at report and plan shared by JAL in Allahabad High Court. This may get us some time from NCLAT to get this report done by IRP.
  5. Adv. Dave also advised us that we should get more information and independent report on status of these projects in terms of actual status of these projects, how much funds are required for development and viability of development.
  6. Another solution would be to IRP to approach UP RERA for development of projects under Sec 7 and Sec 8 of RERA Act, where RERA may bring in consultants to assess the projects and look at how development can be done with participation of IRP, YEIDA, RERA and Homebuyers themselves.
  7. In order for any of the plan to work it is of utmost importance that AHC passes an interim order or settles the issue between JAL and YEIDA, because till there is status quo on land, no one can do anything…..not IRP, not RERA, not HBs themselves or even if CIRP goes ahead even any resolution applicant will not propose any solution for Homebuyers, so our next course of action is file an application in Allahabad High Court and on 8th July pass an interim order to allow construction on land and YEIDA to cooperate with building plan approvals.
  8. In case AHC goes on to give further dates, (Which JP and YEIDA both will want) we shall move an application in SC to expedite the issue of land title as much as it is concerned with development work on projects of Homebuyers.
  9. We are going to have meeting with our advocates in Allahabad and discuss our application and arguments on 08th July 24.
  10. We will also be looking at Construction Project Consultant and Management companies to advise us on preparing a report so we have a fair idea of future of these projects, viability and funds required etc.

GOVERNING BODY MEETING 

  • Approved costs of of Senior Advocate and Counsel for NCLAT
  • Approved engaging a local counsel at NCLT Allahabad, for any urgent requirements.
  • Adopted Annual General Body Meeting Resolutions and same to be updated with Registrar of Societies in Meerut, together with audited financial results for 2023-24, updated list of Governing Body Members for 2024-25 and updated list of members of society