Jaypee home­buy­ers anx­ious, have to pay EMIs but fate of flats un­cer­tain

Alive - - Realty Shocker -

The in­vest­ment of around 30,000 home­buy­ers is stuck be­cause of in­sol­vency pro­ceed­ings against Jaypee In­frat­ech.

No new pur­chases can hap­pen nor can buy­ers sell, trans­fer or get pos­ses­sion of their ready to move in or un­der con­struc­tion flats. Also there will be a sta­tus quo on the ex­e­cu­tion of reg­istry of a prop­erty be­cause the in­terim res­o­lu­tion pro­fes­sional has taken con­trol of the Jaypee In­frat­ech — realty arm of the Jaypee Group.

Ac­cord­ing to an in­terim res­o­lu­tion pro­fes­sional of a na­tion­alised bank, fu­ture of flats of home­buy­ers and their in­vest­ment is un­cer­tain be­cause a com­mit­tee con­sist­ing of fi­nancers will later de­cide what should hap­pen with the hous­ing projects. Home­buy­ers are wor­ried and con­fused as they do not know whether they will get their flat or in­vest­ment back along with the interest once the in­sol­vency pro­ceed­ings are over.

The Al­la­habad bench of na­tional com­pany law tri­bunal (NCLT) has ap­pointed Anuj Jain, a char­tered ac­coun­tant, as IRP un­der In­sol­vency and Bank­ruptcy Code, af­ter ad­mit­ting an in­sol­vency plea from IDBI on 9 Au­gust. Jain has taken over the Jaypee In­frat­ech man­age­ment.

Jaypee In­frat­ech, through a pub­lic no­tice, as­sured home­buy­ers not to panic. The builder, IRP and the Noida au­thor­ity jointly through a press re­lease as­sured that their in­vest­ments are safe.

Buy­ers, how­ever, are in a panic mode. “There is no one from the gov­ern­ment to help the home­buy­ers. Why should I take leave and file claim? Why can­not the gov­ern­ment en­sure all those, who in­vested in the projects, that they will ei­ther get re­fund along with interest or get the flat? Why the gov­ern­ment has no re­spon­si­bil­ity if the builder fails,” said Ra­jiv Singh, a buyer.

Le­gal ex­perts ad­vised that fil­ing claims is cru­cial to in­flu­ence the NCLT de­ci­sion.

Those (buy­ers), who file claims will be­come mem­bers in a com­mit­tee which will be formed once the res­o­lu­tion re­port is ready. The ma­jor­ity (75% mem­bers) in that com­mit­tee will de­cide whether to ac­cept the IRP res­o­lu­tion or sug­gest other op­tions for re­vival of the Jaypee In­frat­ech. Those, who do not file claims will have no right to be part of the com­mit­tee.

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