Buyers seek Rs 15,000 crore cover from Jaypee
TNN|
Updated: Oct 09, 2017, 11.59 AM IST
NOIDA: In a letter to the amicus curiae representing buyers, in the insolvency proceedings of Jaypee Wish Town at the National Company Law Tribunal (NCLT), the buyers have demanded that the builder should submit Rs 15,000 crore in the Supreme Court to ensure the project's completion.
The buyers, in a letter submitted to the amicus curiae, have demanded that all flats be completed and handed over by December 2018. They have also demanded that future meetings be scheduled with insolvency resolution professional Anuj Jain and members of the amicus curie team — Subhangi Tuli and Shekhar Naphade. Further, they have also requested that an escrow account be created with the buyers, for the protection of funds that are to be deposited by buyers with the builder in future.
Over the last week, buyers have also started filing RTIs with Gautam Budh Nagar police, seeking their response to FIRs filed by buyers against the builder in April this year.
"Twenty five buyers have already filed RTIs, with more to follow in the coming days. Buyers have a right to know what became of their FIRs. More RTIs are expected in the coming weeks," said Pramod Kumar, Jaypee Wish Town buyer and association member.
"The proceedings have to first consider the buyers' interest, as they are the victims in this insolvency bargain. Buyers' investments have to be protected, and we've communicated that to the amicus curiae," Krishan Mitroo, representative of Jaypee buyers' group, said.
In an order issued in favour of protecting rights of home buyers in the insolvency proceedings of the company, the Supreme Court had ordered Jaypee Group to submit Rs 2,000 crore by October 27.
Jaypee buyers have expressed fear that despite filling forms to claim their dues in the resolution process, they could be wronged if their interests are not adequately protected during insolvency resolution. Over 32,000 buyers of Wish Town have been affected by the insolvency bid raised against the builder at NCLT.
The buyers, in a letter submitted to the amicus curiae, have demanded that all flats be completed and handed over by December 2018. They have also demanded that future meetings be scheduled with insolvency resolution professional Anuj Jain and members of the amicus curie team — Subhangi Tuli and Shekhar Naphade. Further, they have also requested that an escrow account be created with the buyers, for the protection of funds that are to be deposited by buyers with the builder in future.
Over the last week, buyers have also started filing RTIs with Gautam Budh Nagar police, seeking their response to FIRs filed by buyers against the builder in April this year.
"Twenty five buyers have already filed RTIs, with more to follow in the coming days. Buyers have a right to know what became of their FIRs. More RTIs are expected in the coming weeks," said Pramod Kumar, Jaypee Wish Town buyer and association member.
"The proceedings have to first consider the buyers' interest, as they are the victims in this insolvency bargain. Buyers' investments have to be protected, and we've communicated that to the amicus curiae," Krishan Mitroo, representative of Jaypee buyers' group, said.
In an order issued in favour of protecting rights of home buyers in the insolvency proceedings of the company, the Supreme Court had ordered Jaypee Group to submit Rs 2,000 crore by October 27.
Jaypee buyers have expressed fear that despite filling forms to claim their dues in the resolution process, they could be wronged if their interests are not adequately protected during insolvency resolution. Over 32,000 buyers of Wish Town have been affected by the insolvency bid raised against the builder at NCLT.
(This article was originally published in The Times of India)
