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

INSOLVENCY PLEA Homebuyers angry over the lax approach of judiciary and banks while dealing with the builder I pay around ₹78,000 EMI every month for a house which I don’t know will finally be mine or not. Worse is that I will continue to pay this amount for the next nine months. It appears that this is a conspiracy to somehow save the builders’ group.

For thousands of buyers who had sought a house in projects of Jaypee Infratech Group, the next nine months are expected to be nothing less than a harrowing experience because of the insolvency plea filed by the IDBI Bank against Jaypee Infratech.

Hindustan Times met several buyers on Tuesday afternoon in Noida who say they are dreading the upcoming period of six to nine months because they will be forced to pay EMIs to banks every month despite the fate of their investment being uncertain.

Recently, the National Company Law Tribunal (NCLT) had advised homebuyers, employees and those falling under other categories of creditors in projects of the Jaypee Group to file their claims on or before August 24 with the Interim Resolution Professional (IPR).

However, legal experts believe that the IPR will file a resolution report in six to nine months.

This standoff between buyers, builders’ group and IPR has resulted in panic among the hundreds and thousands of people who had invested huge sums of hard-earned money in the hope of owning a house in DelhiNCR.

“I pay around ₹78,000 EMI every month for a house, which I don’t know will finally be mine or not. Worse is that I will continue to pay this amount for the next nine months. It appears that this is a conspiracy to somehow save the builders’ group. We buyers stand to lose the most as we keep on putting our money,” said Sachin Vijan, a Noida-based software architect.

Like Vijan, around 500 harassed buyers had gathered at Sector 15A park in Noida on Tuesday to protest.

“I want to understand whether we have to fill any form for claimant and how. There seems to be no unity among the buyers and everyone seems concerned about their house. This should have been a unified protest,” said Ankit Kumar, a homebuyer.

Despite repeated attempts, Jaypee Group was not available for comments.

Buyers are angry over the lax approach of judiciary and banks when it comes to dealing with Jaypee Group.

Till the IPR files the resolution for claim due to insolvency, it is a logjam for buyers as they cannot even sell off their flats.