The Applicants, who are homebuyers/allottees of residential apartments in the 'Knight's Court' project developed by Jaiprakash Associates Limited (Corporate Debtor), filed an application under Section 60(5) of the IBC. The Corporate Debtor failed to deliver possession within the stipulated 36 months as per Provisional Allotment Letters issued in 2010. Despite registering the project with UPRERA and declaring a completion date of June 30, 2019 (with extensions), the project remained incomplete. UPRERA had directed the Corporate Debtor to hand over possession and pay delay compensation. Appeals by the Corporate Debtor were dismissed. Subsequently, a Legal Rights Protection Letter and Conciliation Agreement were executed between an association of allottees and the
…The Applicants are homebuyers/allottees of residential apartments in the 'Knight's Court' project developed by Jaiprakash Associates Limited (JAL), the Corporate Debtor.
Provisional Allotment Letters (PALs) issued in 2010 promised possession within 36 months, but JAL failed to deliver.
The project was registered with UPRERA, with a declared completion date of 30.06.2019 (with permissible extension), but remained incomplete.
UPRERA, vide order dated 06.09.2019, directed JAL to hand over possession and pay delay compensation at MCLR + 1%.
JAL's appeals against UPRERA orders were dismissed by the UP Real Estate Appellate Tribunal (UPREAT) due to non-compliance with statutory pre-deposit requirements.
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The Corporate Debtor launched the residential…
Provisional Allotment Letters (PALs) issued…
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The Applicants, who are homebuyers/allottees of residential apartments in the 'Knight's Court' project developed by Jaiprakash Associates Limited (Corporate Debtor), filed an application under Section 60(5) of the IBC. The Corporate Debtor failed to deliver possession within the stipulated 36 months as per Provisional Allotment Letters issued in 2010. Despite registering the project with UPRERA and declaring a completion date of June 30, 2019 (with extensions), the project remained incomplete. UPRERA had directed the Corporate Debtor to hand over possession and pay delay compensation. Appeals by the Corporate Debtor were dismissed. Subsequently, a Legal Rights Protection Letter and Conciliation Agreement were executed between an association of allottees and the
…The Applicants are homebuyers/allottees of residential apartments in the 'Knight's Court' project developed by Jaiprakash Associates Limited (JAL), the Corporate Debtor.
Provisional Allotment Letters (PALs) issued in 2010 promised possession within 36 months, but JAL failed to deliver.
The project was registered with UPRERA, with a declared completion date of 30.06.2019 (with permissible extension), but remained incomplete.
UPRERA, vide order dated 06.09.2019, directed JAL to hand over possession and pay delay compensation at MCLR + 1%.
JAL's appeals against UPRERA orders were dismissed by the UP Real Estate Appellate Tribunal (UPREAT) due to non-compliance with statutory pre-deposit requirements.
…The Corporate Debtor launched the residential…
Provisional Allotment Letters (PALs) issued…
Sign in to view related legal provisions.