Noida: Residents of Jaypee Wish Town staged a protest on Saturday against the developer for raising an “insurance fee”, clubbing it with this year’s q.
The queue of vehicles started growing longer from 8.15am
NOIDA: Commuters had a harrowing time travelling between Noida and Delhi via DND, Chilla, Kalindi Kunj and almost all other entry points to the capital as Delhi Police stopped each and every vehicle to check for IDs on Monday morning.
Be it work or casual visits, almost everyone was delayed by anything between two and six hours. As vehicles moved at snail’s pace, some gave up and cancelled their plans, while others headed for work in the metro after parking their cars at the stations.
The tailback of vehicles started growing longer at Chilla and on the DND around 8.15am when the Delhi Police began their checking drive.
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.”