FM sympathises with agitating Noida home buyers; says they can seek relief under insolvency law
FM sympathises with agitating Noida home buyers; says they can seek relief under insolvency law
Finance Minister Arun Jaitley On Wednesday Said The Government Has Full Sympathy With The Agitating Noida Homebuyers And They Can Seek Relief Under The Insolvency Law. PTI | Updated on: 16 Aug 2017, 05:53:30 PM
New Delhi:
Finance Minister Arun Jaitley on Wednesday said the government has full sympathy with the agitating Noida homebuyers and they can seek relief under the insolvency law.
Hundreds of home buyers had been left in the lurch after the Allahabad bench of the National Company Law Tribunal (NCLT) last week admitted IDBI’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan.
Construction work on stuck Knight Court project of Jaypee Greens resumes
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Synopsis
Knight Court is among the five projects at Wish Town that are promoted, sold, and developed by JAL, not Jaypee Infratech Ltd, which is in insolvency resolution.
(Representational image)
Construction work at Jaypee Greens Knight Court has started as the Real Estate Regulatory Authority (RERA) of Uttar Pradesh authorised realty developer Jaypee Associates Ltd to complete the stalled Jaypee Greens Knight Court project in Noida in co-operation with Association of Allottees.
Knight Court is among the five projects at Wish Town that are promoted, sold, and developed by JAL, not
Supreme Court
NOIDA: For some 17,000 buyers of Jaypee Wish Town, the wait for a resolution is getting longer. The Supreme Court reserved its judgment in the case on October 8, 2020. Four months since then, buyers have been waiting for an order that could help in the completion of the flats.
The top court took over the case after state-owned NBCC had moved the National Company Law Appellate Tribunal challenging the insolvency resolution at the National Company Law Tribunal over financial obligations, which include a security deposit of Rs 750 crore made by Jaiprakash Associates Limited (JAL) as security in favour of their subsidiary, debt-ridden developer Jaypee Infratech Limited (JIL).
File photo
A year of some brisk move for one, staggered progress for the other. The year panned out differently for two sets of homebuyers who had both pinned their hopes on the National Company Law Tribunal (NCLT) for a resolution of their pending flats.
Amrapali, with more than 30,000 flats to deliver in its housing projects, appeared to have found a resolution with the intervention of the Supreme Court and the appointment of court receiver R Venkatramani. Following the court’s order, construction at its pending projects took off, though lack of liquidity led to some interim delays.
Funds were infused to grease the wheel and buyers, too, started paying up their pending instalments.
NOIDA: For some 17,000 homebuyers of Jaypee Wish Town, the wait for a resolution might stretch into 2021 as the courts are set to close for winter break next week.
“Over the past few days, we have been discussing this issue at video conferences. In its October 8 hearing, the Supreme Court had reserved its judgment. Now that the courts are closing for winter break next week, the pending issue of construction of the remaining flats will only be resolved in 2021,” said Ashish Mohan Gupta, a buyer.
Jayshree Swaminathan, another buyer, said, “Since our case has been heard by the Supreme Court, we are sure of an order. We hope it comes in December as only a week is left for the court to close for winter break. It has been a very long wait for the buyers and 2021 will be a decisive year.”