Introduction
Jaypee Infratech said there will be a delay in filing annual results for the 2022–23 financial year and the first three quarters of the current year.
Table of Contents
- Next Hearing in the Case Is at the End of the Month
- Authority of the Interim Monitoring Committee
- Delay in Filing Results for First 3 Quarters
- Company Has Not Been Able to Prepare the Results
- IMC Continues to Work on Four Projects
In March 2023, a five-member monitoring committee was set up to oversee the insolvency proceedings of Jaypee Infratech. It has moved the National Company Law Tribunal (NCLT) to issue appropriate directions for the smooth and effective implementation of the resolution plan.
“Smooth and effective implementation of the resolution plan approved vide order dated March 7, 2023. IMC has applied to Hon’ble NCLT, Principal Bench, New Delhi, seeking appropriate directions.” The company said this in a regulatory filing.
Next Hearing in the Case Is at the End of the Month
The National Company Law Tribunal (NCLT) has approved Suraksha Group’s bid to acquire Jaypee Infratech Limited (JIL) in March 2023. Spelling relief for 20,000 home buyers.
However, the process is yet to move forward as the Yamuna Expressway Industrial Development Authority (YEIDA), Income Tax Department, and Jaiprakash Associates filed petitions before the National Company Law Appellate Tribunal (NCLAT) challenging the approval. The next hearing in the case is likely to be held at the end of the month.
The Ad Hoc Monitoring Committee will consist of five members. Interim Resolution Professional (IRP), two representatives from Suraksha Realty, one person representing institutional financial lenders, and an official representative of home buyers. Jaiprakash Associates, the promoter of Jaypee Infratech, entered insolvency proceedings in 2017.
Authority of the Interim Monitoring Committee
In March 2023, Interim Resolution Professional Control was given authority by the Interim Monitoring Committee (IMC). As the NCLT order said last year, the panel is expected to take “all necessary steps to expeditiously implement the resolution plan as approved.”
On March 7, 2023, a two-member principal bench of the NCLT headed by President Ramalingam Sudhakar concluded the three-month hearing. It approved the resolution plan of Suraksha Realty and Lakshadweep Investments and Finance Consortium.
Delay in Filing Results for First 3 Quarters
In a regulatory filing on February 12, 2024, Jaypee Infratech said there will be a delay in filing the annual results for the financial year 2022–23 and the results for the first three quarters of the current financial year.
According to a regulatory filing, Jaypee Infratech is pending due to factors beyond its control. Due to these pending appeals, it could not finalize its annual accounts for the financial year 2022-2023. “Given the pending appeals (before NCLAT), IMC thinks that the books of accounts may be reinstated after the said appeals attain finality or certainty concerning the pending appeals,” the filing said.
Company Has Not Been Able to Prepare the Results
The completion of the annual financial statements for the fiscal year 2022-2023 was hindered by factors beyond the control of the corporate borrower, mainly due to pending appeals. Additionally, the financial statements for the period ending on 31.03.2023 are still pending finalization.
The Company has not been able to prepare the results for the quarter(s) ended 30.06.2023, the results for the quarter and half year ended 30.09.2023. Quarter and nine months ended 31.12.2023,” the company said in a regulatory filing.
The IMC, as per its fourth gazette dated January 20, 2024, has announced that construction works have commenced in both areas to deliver important updates and developments to home buyers and fixed deposit holders during Phase II. Its townships are ‘Aman’ and ‘Wish-Town’ in Noida.
IMC Continues to Work on Four Projects
Further, an Offer of Possession (‘OOP’) has also been issued to all home buyers in the township. In Wish-Town, IMC continues to work on four projects. That includes the Cosmos, Classic, Kensington Boulevard, and Kensington Park apartments and heights of 62 towers. Work is ongoing here. Towers stopped working. This includes 6,067 home buyers.
Conclusion
Received Occupancy Certificate (OC) for Towers KD-2 and KD-3 of Project Classic in Wish town on December 24, 2023. It has announced that the process of issuance of the Offer of Possession (OOP) in the two towers will begin soon. The organization is announced. For more information, visit our Openplot.
Also read: Anant Raj Limited Has Launched 2 Housing Projects in Gurgaon