The move came a day after the interim resolution professional (IRP) initiated insolvency proceedings against Amrapali Silicon City Pvt Ltd.
Irked homebuyers of Amrapali Silicon City, a partially-constructed housing complex in Sector 76, Noida, staged a protest today to draw attention to their plight. The move came a day after the interim resolution professional (IRP) initiated insolvency proceedings against Amrapali Silicon City Pvt Ltd.
The high-powered committee instituted by UP Chief Minister Yogi Adityanath, buyers alleged, gave the builder two more years to complete the project. At the same time, it asked them to not pay the builder anything more till possession details were revealed.
Around 30 homebuyers participated in the protests.
PK Gupta, one of the protestors, lamented, “Though the builder has given possession to many buyers, maintenance services are very poor. Residents had moved into the society as they didn’t want to pay rents and EMI simultaneously. But there are multiple issues in the society. The builder has developed the structures of several residential towers, but all of them are incomplete. Moreover, all development work has stopped at the site.”
Ratnesh Rahul, another homebuyer, complained, “As proceedings for Insolvency and Bankruptcy Code 2016 has already been initiated against the company, there is no certainty that we will get our money back.”
He added, “We homebuyers fit into the category of unsecured creditors. So we will be paid only if something is left after making payments to secured creditors and financial institutions.”
There’s another point of contention.
A committee comprising secured creditors and builder will be formed under the proceedings, but there’ll be no representation from the homebuyers.
Rahul said, “In case the decision goes in favour of homebuyers, the committee may cancel it. So, it finally depends on the committee whether it accepts or rejects a particular decision.”
