Jaypee Kosmos KM 80 .. anyone can update on this tower

Q: Please share if anyone know of the contraction status for Tower 80

Prashant, Delhi

10th August 2017

Buying property in Jaypee Greens Kosmos, Sector-134, Noida

noida

residential project review

jaypee greens kosmos

sector-134 noida

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Replies (4)

Till 31st July 2017, Brickwork and Plaster works are going on. To get more details, click this link http://www.jaypeegreens.com/resourcecontent/kosmos-construction-status_2.html

Mukhesh, Noida

16th August 2017

Comment

I heard yesterday that NBCC might step in to complete the project....a positive for the buyers of this project. The government realises that the Jaypee Infratech case cannot be treated in the same way as a power or steel project.

Sekhar, Noida

16th August 2017

Comment

Yes, and the government will discuss with the ministry of corporate affairs (MCA) if the Insolvency and Bankruptcy Code (IBC) provides legal ground for other asset sale to fund incomplete projects. This is the first indication that the Centre will step in to resolve the crisis as the fate of the flats is uncertain.

Mukhesh, Noida

16th August 2017

Comment

This project is on hold because of insolvency. The Centre may step in to provide relief to thousands of home buyers hit by insolvency proceedings against Jaypee Infratech, including sale of the companys assets to raise money to complete the project.

On August 9, the Allahabad bench of the National Company Law Tribunal (NCLT) ordered the appointment of an insolvency resolution professional (IRP) after IDBI Bank sought initiation of bankruptcy proceedings against the company following a diktat from the Reserve Bank of India.

Geeta, Noida

16th August 2017

Comment

Right Geeta, and i also heard from the sources that the government may explore the possibility of appointing a receiver or state-run agencies for the completion of projects where over 32000 individuals have booked apartments. Although bookings started as far back as 2008, the company has been running woefully behind schedule, causing hardship to home buyers who have dipped into lifetime

Sekhar, Noida

16th August 2017