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Jaypee Infratech insolvency case: Homebuyers can claim refund by filling these forms; submit before Aug 24

The Financial Express logo The Financial Express 16-08-2017 FE Online

If your home has still not been delivered by Jaypee Infratech as promised and you want to submit your proof of claim to the Interim Resolution Professional (IRP) as directed, you need to do it latest by 24th August 2017. Yes, there is some confusion among homebuyers regarding the forms as three forms have been issued for submission of claims: Form B, Form C, and Form D. While Form B is meant for claims by operational creditors, Form C is for claims by financial creditors, and Form D is for claims by workmen and employees.

As per a Times of India report, confusion had arisen over forms because the law makes a distinction between financial creditors, which are banks, and operational creditors, when it comes to filing an insolvency petition. However, to give some relief to homebuyers, IRP has now decided to accept whichever form their claims are filed in ? either Form B or Form C.

As Form D is for claims by workmen and employees, homebuyers need not fill in this form.

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Both Form B and Form C ask for various details, including name, address and identification number of the creditor, total amount of claim, details of how and when the debt incurred, among others. However, as per media reports, the proof can be submitted later. However, you must make your claim by August 24.

It may be noted that the National Company Law Tribunal (NCLT) had ordered the commencement of a corporate insolvency resolution process against Jaypee Infratech Ltd on 9th August 2017, and the creditors of Jaypee Infratech Ltd have been called upon to submit a proof of their claims on or before 24th August 2017 to the Interim Resolution Professional.

In a public notice issued recently, it was mentioned that while the financial creditors should submit their proof of claim by electronic means only, the operational creditors, including workmen and employees, may submit the proof of claim by person, post or electronic means. As per the announcement, the submission of Proof of Claim is to be made in accordance with Chapter IV of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the Proof of claim is to be submitted by way of the following specified forms:

# Form B: For claims by operational creditors

# Form C: For claims for financial creditors

# Form D: For claims by workmen and employees

In order to get a copy of the form, creditors have been asked to download the above-mentioned forms from the concerned websites. It has also been mentioned that submission of false or misleading proofs of claim shall attract penalties.

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