The hearing will take place tomorrow, August 24, in the first half of the day.
Homebuyers of Jaypee Infratech projects have filed a PIL at the Supreme Court against the decision of the National Company Law Tribunal, or NCLT, to declare the real estate company insolvent.
The hearing will take place tomorrow, August 24, at the Supreme Court.
The PIL comes after the Allahabad bench of NCLT admitted a plea of IDBI Bank allowing insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526.11 crore against the bank. Almost 10,000 buyers in Noida and Greater Noida will be affected by this.
Buyers said that the NCLT bench accepted the petition by IDBI Bank but failed to spare a thought for homebuyers who had invested their life savings in Jaypee projects.
Chitra Sharma, one of the buyer who have filed the PIL, told City Spidey that the Supreme Court was their last hope. “Almost 90 per cent of us buyers have deposited all the money we had into Jaypee projects. We are both paying EMIs and rents. We cannot let the Jaypee group be declared insolvent now,” she added.
She added that it was the fault of builders that they diverted money from one project to another, for which now buyers would get penalised.
Advocate Ashwarya Sinha, appearing for the consumers, said that the hearing would be conducted in first half of the day. “If we win the case, it will greatly benefit the Jaypee buyers; they have all gone into panic mode,” he added.
Surprisingly, this comes close on the heels of an announcement made today by an official appointed by NCLT, saying that 1,000 buyers of Jaypee Wishtown in Sector 128 and Jaypee Aman in Sector 151 would soon get possession of their flats.