Jaypee Infratech resolution: Key lenders assure homebuyers of best possible outcome
Homebuyers protest against Jaypee group (2019 photo).
Synopsis
Around 20,000 home buyers have been waiting to get delivery of their homes following the Allahabad bench of the NCLT classified Jaypee Infratech as insolvent on the petition filed by IDBI Bank under Section 7 of IBC, 2016. Jaypee had defaulted on Rs 526-crore loan by the bank.
Key lenders including public sector banks, the second largest stakeholders in Jaypee Infratech’s insolvency process, have assured homebuyers of the beleaguered realty developer that they are keen on resolution on merit basis and don't prefer the liquidation option.
Jaypee Infratech’s Committee of Creditors has decided to conduct a voting to get homebuyers and lenders’ consent for a 7-day extension to both the bidders--NBCC and Suraksha Group to
