Jaypee buyers bullish to get flats after submission of NBCC’s revised bid

By Praveen Dwivedi
Photo: City Spidey
Posted: Apr 25, 2019

Following the submission of revised bid to acquire Jaypee Infratech by state-owned NBCC Ltd, the home buyers are bullish anticipating clearance of decks for their delayed apartments which they bought 4-5 years back.

As appointed Interim Resolution Professional (IRP) Anuj Jain has fixed meeting of Committee of Creditors (CoC) on April 26, the creditors which includes nearly 27,000 flat buyers will review the bids submitted to acquire projects and likely to take final call.

As City Spidey was informed by several home buyers, so far, NBCC and Suraksha Group are having high chances to acquire the Jaypee Infratech as they have already submitted their revised bids.

Among others, Adani Group and Jaypee Group have expressed desire to bid for the Jaypee Infratech. However, as per experts, there are less chances of them getting opportunity to acquire the debt-ridden company.

Meanwhile, Jaypee Group has also written to home buyers seeking their support for its debt resolution plan to be submitted under the Insolvency and Bankruptcy Code. They also promised to complete over 20,000 flats in four years of time.

On the other hand, the home buyers were found having lack of trust on the Jaypee Group. When asked why union of home buyers giving more preference to NBCC to take over the projects, they said that they want their flats as soon as possible and NBCC would be more credible for that.

Dhirendra Yadav, a home buyer talking to City Spidey said, “In last meeting, Jaypee group tried to convince flat buyers that it would complete their dream home and for that banks would provide revenue. The outstanding debt of Jaypee Infratech is nearly Rs 9,800 crore. Jaypee Group has been changing stances regularly and we have lost trust on it.”

Flat buyers also were of the view that NBCC is a government associated construction company and hence if anything goes wrong in future they can approach the government directly.

Pramod Kumar, another flat buyer said, “Lack of transparency is another issue with Jaypee Group. Most of the flat buyers have paid up to 90 per cent of dues of their flats. Where their money siphoned off?”

TAGS: Jaypee Group / Insolvency of Jaypee Infratech / NBCC revised bid for Jaypee Infratech / Jaypee Infratech case / Home buyers of Jaypee projects / Noida news