SPIDEY BUZZ

Flat buyers question role of IRP amid confusions in JIL's insolvency

By Praveen Dwivedi/Ramesh Kumar
Photo: City Spidey
Posted: May 02, 2019

Amid many ups and downs in recent past in the insolvency proceedings of debt-ridden Jaypee Infratech, a group of flat buyers of Jaypee Wishtown in Noida on Thursday questioned the role of appointed Interim Resolution Professional (IRP) Anuj Jain alleging him of creating obstruction in the process of solution.

While addressing press, flat buyers alleged that IRP is working in favour of the Jaypee Group instead of them. Levelling allegations on the IRP, they said that the portal developed for e-voting to decide the fate of the lone bidder Suraksha Realty, after the bid of state-owned National Building Construction Company (NBCC) was rejected by the Committee of Creditors (CoC), was having technical glitches soon after voting started.

On April 30, City Spidey had exclusively reported that e-voting portal www.jaypeeinfratech.in was not working properly. After receiving complaints from the flat buyers, voting date was extended till 12 pm on May 3 against 5 pm on May 2.

Ashish Rustagi, a home buyer said, “Many buyers did not receive OTP when they login to participate in voting on the website created by the IRP. Such kind of malfunction has created doubt in home buyers’ mind. Therefore, we doubt on IRP that he is making the process lengthy.”

The fact that flat buyers had considered the state-owned NBCC as their first preference to acquire projects of Jaypee Infratech. However, at the last moment, NBCC’s resolution plan was rejected due to lack of clearances from Department of Investment and Public Asset Management (DIPAM) and the Ministry of Housing and Urban Affairs.

Now, as the NBCC has received required approvals and it has requested the IRP to reconsider its bid, the hope of disappointed home buyers has soared again and they are trying to build pressure on IRP to give another opportunity to NBCC and reschedule voting date.

However, as per sources, IRP has conveyed to CoC members that voting will continue till its scheduled time. “As per the decision of CoC, Suraksha’s plan is being considered for voting and the voting is presently going on,” IRP’s message to CoC read.

Aditya Kumar, another flat buyer said, “Most of the banks and bidder are from public sector. The procedure should not be delayed any longer because home buyers have been facing problems since long and they are not ready to take the trouble any longer.”

“Amid these developments, flat buyers are clueless to take any concrete decision and the they are divided into different groups,” claimed a flat buyer requesting not to be named. “IRP has not accepted NBCC’s bid citing some reasons,” claimed sources.

TAGS: JIL insolvency proceedings / Jaypee Infratech case / Jaypee incomplete projects / NBCC bid to acquire JIL rejected / Jaypee home buyers / Noida news

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