Seeing no hope in CIRP, Jaypee buyers hold silent protest at Jantar Mantar

Photo: City Spidey
Posted: Jun 23, 2019

Seeing no concrete headway in the corporate insolvency resolution process of Jaypee Infratech Limited, agitated home buyers of Jaypee Wish Town, a stalled under construction group housing project, on Sunday staged a silent protest at Jantar Mantar, Delhi, against banks allegedly not letting the insolvency resolution process to reach a solution.

They gave a petition to Nirmala Sitharaman, who is Finance Minister in Prime Minister Narendra Modi led second NDA government at the centre. Home buyers drew Sitharaman’s attention towards the obstruction being caused by a public landing bank of Jaypee Infratech Limited.

They said that the bank is leading the insolvency resolution process towards liquidation of the group housing project by not favouring the home buyers’ move. They are voting in favour of NBCC, one of bidders for completing the stalled housing project, to take over the project and complete the leftover development this housing project.

But to home buyers’ dismay, the IDBI bank is voting against it throwing the project to be liquidated.

Through the given petition, they informed the minister that IDBI Bank, lender to Jaypee Infratech, and NBCC had meeting in the past to resolve their difference in the resolution plan. But it appears that these two public sector companies failed to bridge the gap. Therefore, home buyers seek an intervention by the government directing IDBI bank to vote in favour of NBCC to solve the problems.

Holding banners in their hands, hundreds of home buyers thronged at the pre-decided protest venue around 10 am. They paid tributes to those departed souls, who had booked homes in the housing projects but were not given keys before which they passed away.

While protesting against CIRP, banks, JIL and Manoj Gaur, the developer of the housing project, home buyers raised slogans against them. They said that they are thieves who cheated them and money collected from them was siphoned off. They also sought a forensic audit of the JIP since it was formed.

TAGS: Jaypee Infratech case / Home buyers in Jaypee Wish Town / Jaypee Wish Town buyers protest / Jaypee buyers protest at Jantar Mantar / Noida news on City Spidey / Noida news