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Thursday, January 20, 2022

Will PM Modi help Jaypee Homebuyers? Strike at Jantar Mantar

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Jaypee Homebuyers protest: 20 thousand homebuyers wrote a letter to Prime Minister Modi asking them to intervene in the matter so that incomplete projects can be completed.

20 thousand homebuyers expect a lot from PM Modi.

Jaypee homebuyers have become completely frustrated after circling the court for years. Demanding justice for themselves, these home buyers demonstrated at Jantar Mantar in Delhi on Saturday. The Welfare Association of JKBAWA has written a letter to Prime Minister Narendra Modi and sought his intervention in the matter.

According to a report published in the Economic Times, about 20 thousand homebuyers wrote a letter to Prime Minister Modi asking them to intervene in the matter so that incomplete projects of Noida and Greater Noida of bankrupt realty developers Jaypee Infratech can be completed. These homebuyers said that if the PM pays attention in this matter, then we will get the shelter of our dreams. This will also benefit the country’s economy.

Home buyers were disappointed in the last hearing.

Earlier, on March 24, a hearing was held in the Supreme Court in this matter, in which again the home buyers were disappointed. In fact, the court has sent the matter back to the Committee of Creditors. The Committee of Creditors has been given an additional 45 days to complete the Corporate Insolvency Resolution Process (CIRP). The Supreme Court has allowed NBCC and Suraksha Realty to submit the revised resolution plan. Jaypee Infratech went for the insolvency process in August 2017.

NBCC was selected in 2019

In December 2019, Jaypee Infratech Committee of Creditors selected NBCC to acquire the company. In March 2020, NCLT accepted the proposal of NBCC regarding the acquisition of Jaypee Infratech. In the last hearing, the Supreme Court said that Rs 750 crore deposited by the company will not be part of the resolution plan. The Supreme Court said that Rs 750 crore cannot be used by NBCC Construction. On 6 August 2020, the Supreme Court transferred all the cases pending with the National Company Law Appellate Tribunal (NCLAT). These petitions were against the plan of NBCC under which it wanted to buy 20,000 pending flats of debt-ridden Jaypee Infratech.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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