Homebuyers of Jaypee Infratech have requested the insolvency resolution professional (IRP) to give them access to portions of the resolution plan dealing with their interest or upload those parts of the broader revival proposal on a website. In a letter written to IRP Anuj Jain through law firm Trilegal, as many as 2,467 homebuyers of Noida’s Wish Town project said the move would give clarity on the timeliness for possession of projects and the amount of compensation to be paid for delayed delivery. “Needless to add, the homebuyers being the biggest stakeholders of Jaypee Infratech are legally entitled to receive the above stated information,” the letter said. Homebuyers have reiterated their demand for possession of their flats by December 2018 and compensation at 18% per annum for the delay. They have also urged the IRP to ensure that the super area of the allotted flats should not be increased at the time of possession. Further, they have also sought refund of car parking charges and services tax collected.
Last month, a consortium of associations consisting of around 2,500 flat buyers of Jaypee Wish Town at Noida filed an application with the Supreme Court seeking a forensic audit of Jaypee Infratech (JIL) and Jaiprakash Associates (JAL). Homebuyers have claimed that Jaiprakash Associates has diverted over Rs 10,000 crore from its subsidiary Jaypee Infratech, which is under an insolvency process, in construction of the Yamuna Expressway and other real estate projects.
On September 11, the apex court had asked JAL to deposit Rs 2,000 crore with its registry by October 27 to protect the interest of flat buyers. The Allahabad bench of the NCLT classified Jaypee Infratech, a subsidiary of Jaiprakash Associates, as insolvent on August 9 on a petition filed by IDBI Bank under the Insolvency and Bankruptcy Code 2016. Jaypee had defaulted on a `526-crore loan by the bank. The IRP is likely to submit his resolution plan by the first week of February.