While people await their homes, Jaypee Infratech has been declared insolvent after defaulting on a Rs 526.11 crore outstanding loan
After seeing the ad for a luxurious 3BHK flat in Jaypee Aman of Noida's Sector 151, the first thing that Vaibhav Malhotra did was take a bank loan. It has been eight years since then. Vaibhav, and hundreds of others like him, are still waiting for their dream homes.
Nearly 1,500 such aggrieved homebuyers orgainsed a protest demonstration against the Jaypee builders and the Noida Authority at Jantar Mantar on Saturday. The protesters demanded that either they be given the possession of their houses, or their money back.
Holding placards, the buyers and their families raised slogans against the builders and government for failing to complete the projects in time.
Meanwhile, most of these buildings, including the Jaypee Aman, are still not finished. "Whenever we visit the Jaypee office, they tell us that they don't have any money," Malhotra said, adding that buyers were even given a false commitment letter, which stated that construction would be over by 2015.
"We are being robbed by the builders and the government has turned a blind eye. We are have been paying EMIs for the loan as well as the rent. How can we survive like this? We have been fooled," Malhotra said. Some buyers even threatened to commit suicide. "Since nobody is listening to us, we feel like committing suicide just like the farmers. I am a retired man, and I have invested all my savings in this flat," said homebuyer Vipul Sharma.
When the protesters tried to march towards the Parliament building, they were detained and taken to the Mandir Marg police station from where they were released later. "It is really shocking that we cannot even raise our voice for our rights. The people who should be arrested are sitting comfortably and the police are dragging us to the station," said Nimrata Jain.
Recently, the Allahabad Bench of the National Company Law Tribunal had declared Jaypee Infratech as an insolvent company. Jaypee Infratech, a part of the debt-ridden Jaypee group, has defaulted on Rs 526.11 crore outstanding loan to the IDBI bank. After the insolvency case, buyers have been left in the lurch.
The Insolvency Resolution Professional (IRP) has come up with a few clarifications regarding a resolution plan and chances of refund for stalled projects.
The IRP has come up with a list of 27 projects under three land parcels where buyers can submit a claim. Many buyers are confused about whether to file claims against the Jaypee Infratech or the JaypeeAssociates.
The tribunal has further advised homebuyers, employees, and creditors of Jaypee projects to file their claims before August 24. "According to the new rules, homebuyers won't be a part of the committee of creditors. Therefore, we are a bit reluctant. We are also creditors, like banks, so why is our category being diluted? The IRP has not clarified anything but only stated what the court has asked them to do," Sanjay Pradhan, a homebuyer, said.
The bank, which had given the loan to the Jaypee group had recently moved a petition for Jaypee Infratech's insolvency, following which a series of protests erupted.
False promises
2009 Jaypee came up with different projects
2012 Promised to deliver flats in 36 months
2015 Kept making promises and delaying the flats
2016 Several protests were held but no action or progress in the projects/homes.
August 9, 2017 Jaypee declares itself bankrupt
The company Jaypee Infratech, which is developing about 32,000 flats has not delivered homes under 27 different projects.
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