The assurance came in the wake of the Centre failing to come up with any policy to protect homebuyers in the event the Jaypee Group goes into liquidation
The 20,000 odd Jaypee homebuyers heaved a sigh of relief on Thursday when the Supreme Court assured to step in even if the insolvency court fails to get any buyer to complete the debt-ridden real estate group's residential projects.
The assurance came in the wake of the Centre failing to come up with any policy to protect homebuyers in the event the Jaypee Group goes into liquidation. Appearing for the Centre, Additional Solicitor General (ASG) Madhavi Divan informed the bench of Justices AM Khanwilkar and Dinesh Maheshwari that the policy being prepared by the Urban Development Ministry is being filed in the case of Unitech homebuyers, whose case will be taken up on July 23.
As for Jaypee homebuyers, Divan said that the Centre is still counting on the hearing to take place before the National Company Law Appellate Tribunal (NCLAT), Allahabad on July 17. Under the corporate insolvency resolution process (CIRP), the bid by the National Building Construction Corporation (NBCC) was rejected on an earlier occasion by the representatives of banks in the Committee of Creditors meeting. The Centre hopes that the same bid could be reconsidered after it is tweaked a bit. In this connection, the NCLAT had directed the representatives of banks as well as homebuyers to appear before it on July 17.
ALSO READ: Supreme Court asks Centre to aid Jaypee buyers
The lawyers for the Jaypee homebuyers apprehended that in the event, the NBCC bid falls and the liquidation goes through, they would be left in the lurch. The bench reminded them that the Court has extensive powers under Article 142 of the Constitution to do complete justice in any case.
"We want the Government to explore all possibilities. Let us await the outcome of the proceedings before the tribunal (NCLAT). If the proposal given to the Tribunal is acceptable, your problem will get solved," the bench told homebuyers. The bench listed the application filed by homebuyers for stay of liquidation process on July 18.
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