Jaypee Infratech: Buyers mull to stop EMIs with less chance of resolution

Photo: Samrat Roy
Posted: Jun 10, 2019

As there are no positive signs of NBCC's bid getting through in the ongoing voting which ends on Monday, sources said that the agitated home buyers are now planning to stop paying the EMIs for the properties they have purchased through Jaypee Infratech.

The online voting for the NBCC's bid started on May 31. As per the present conditions, the NBCC's bid requires at least 66 per cent of votes in favour of them in order to make the cut and take over Jaypee Infratech.

The home buyers have been in favour of NBCC but they constitute only 58 per cent of the vote share. As far as the present status goes, out of the total 22,000 home buyers, only 9,000 have voted so far.

Moreover, the prime lender, IDBI Bank is already against the NBCC's bid being conditional. They have 18 per cent of the vote share. A member of the home buyers association told IANS, “Now we are telling people (the home buyers) that we should stop paying our EMIs. This is going to be our next step.”

He also informed that around 70 per cent of the home buyers have taken home loans for which they are paying EMIs. “We will take final decision regarding stopping the payment of EMIs after couple of more hearings,” he added.

According to sources, lenders have shown reluctance to acquire up to 2,207 unsold flats worth Rs 1,756 crore as proposed by NBCC in its revised offer.

In its revised offer, NBCC proposed infusion of Rs 200 crore equity capital, transfer of 950 acres of land worth Rs 5,000 crore as well as Yamuna Expressway to banks and completion of flats by July 2023 in order to settle an outstanding claim of Rs 23,723 crore of financial creditors.

TAGS: Jaypee Infratech resolution process / JIL resolution / Voting on NBCC bid / Insolvency proceedings of Jaypee Infratech / Noida news on City Spidey / Noida news