On August 9, the National Company Law Tribunal admitted the insolvency petition filed by IDBI Bank against debt-ridden Jaypee Infratech
Jaypee flat buyers held a meeting with the professionals appointed by Supreme Court to oversee the insolvency resolution of Wish Town, on Wednesday. The buyers had a discussions with the professional team Insolvency Resolution Professional (IRP) Anuj Jain and put forth several of their demands "We have demanded that the construction work should continue so that our hopes of owning a flat will be fulfilled.
Last month, The National Company Law Tribunal gave us a ray of hope by stating that our houses are safe," said SK Nagrath, a home buyer.
Homebuyers who have been suffering for the last three to eight years due to late delivery of flats in housing projects have questioned why the Uttar Pradesh government is yet to order a forensic audit of each builders' accounts.
"We have requested him a forensic audit of the firm's. The Noida Authority had on multiple occasions promised us that an audit of each builder's accounts will be conducted.
The objective of the audit is to ascertain whether the builder diverted the funds collected from buyers to other housing projects/businesses," Nagrath said.
Further the buyers requested, an amount of Rs 10,000 crore be set aside to complete projects in Wish Town and pay compensation for delay to buyers at the rate of 18 percent.
They have demanded that Jaypee Group should not be permitted to act as a resolution applicant or provide a plan for the revival of the project.
They have also demanded that all future instalments to be paid by them should be set aside in an escrow account.
"We have noted down the buyer's demands and try to work on them. We have been working hard to make sure that everything is done for the buyers.
The process of offer for possession will start shortly in accordance with the allotment letter. It will take few months to seek permission from NCLT and allow possession and registry," said Anuj Jain .
The tribunal admitted IDBI's plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan. The company is developing the Yamuna Expressway project between Noida and Agra with township area totalling 25 million square metres.
On August 9, the National Company Law Tribunal admitted the insolvency petition filed by IDBI Bank against debt-ridden Jaypee Infratech.
Buyers alleged that most builders have diverted the money collected from buyers, for the construction, thereby, delaying the housing projects.
On August 23, the National Company Law Tribunal (NCLT) announced that homebuyers will soon get possession of 1,000 ready-to-move-in flats in Jaypee Infratech's Wish Town in Noida.
NCLT TO RESCUE
- On August 9, the National Company Law Tribunal admitted the insolvency petition filed by IDBI Bank against debt-ridden Jaypee Infratech
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