Flat buyers in schemes of Jaypee Infratech need not fill claim forms

According to a news agency report, customers of Jaypee Infratech who have bought flats in incomplete projects floated by the company need not fill any forms to protect their interests in the insolvency proceedings. In order to protect the interest of the home buyers along with those of institutional lenders like banks and other financial institutions, the government is planning to put a new category of ‘clients’ with rights in the insolvency proceedings. 
 
Last week, the Insolvency and Bankruptcy Board of India (IBBI) added a new form to enable homebuyers, such as those who have invested in Jaypee Infratech projects, to make their claims, recognising the problem that the existing forms were meant only for banks, creditors, and employees.
 
Earlier, there were three categories of claimants and three separate forms i.e. Form B for operational creditors, Form C for financial creditors, and Form D for workmen and employees of Jaypee Infratech that were required to be filled. Around 32,000 home buyers are believed to be affected in the Jaypee Infratech case.