Homebuyers of Jaypee Wish Town in Noida have written to the amicus curiae representing them in the insolvency proceedings at the National Company Law Tribunal (NCLT). They have demanded that the developer submit Rs 15,000 crore in the Supreme Court to ensure the project’s completion.
Homebuyers have demanded that all the flats be completed and handed over to them by December 2018. They have also requested that an escrow account be created with the buyers for the protection of funds that are to be deposited by buyers to the builder in future.
The amicus curiae team includes senior counsel Shekhar Naphade and Shubhangi Tuli, advocate on record. “We have communicated to the amicus curiae that the insolvency proceedings have to first consider the buyers’ interest, as they are the victims in this insolvency bargain. Buyers’ investments have to be protected,” Krishan Mitroo, a member of Jaypee Wish Town Noida Buyers Association, said.
The Supreme Court has already ordered Jaypee Group to submit Rs 2,000 crore by October 27 in order to protect the rights of homebuyers in the insolvency proceedings. It has also directed insolvency resolution professional (IRP) Anuj Jain to submit an interim resolution plan within 45 days. The next hearing is set for November 13. It has restrained the directors and managing directors of Jaypee Infratech and Jaypee Associates from travelling abroad without permission.
Last month, around 2,200 homebuyers of Jaypee Infratech’s Wish Town project in Noida had urged the IRP to include in the interim and final resolution plan a provision of paying compensation for delay to buyers at the rate of 18%.
By Surbhi Prasad