Debt-ridden Jaypee Infratech homebuyers now will be looking towards the state-run National Building Construction Company (NBCC) on whether it will submit fresh resolution bids, or not?, It would likely to be decided on Thursday, as the Supreme Court on Tuesday has asked the real estate firm (NBCC) to submit its response on the next hearing scheduled on September 5.
On July 30, the National Company Law Appellate Tribunal (NCLAT) had allowed fresh bidding after the fourth consecutive resolution proposal to acquire stalled Jaypee Infratech projects was rejected. However, the NBCC has not submitted revised bids so far, which has brought over 20,000 flat buyers on uncertain stage as they have been supporting the state-owned real estate firm.
However, the government submitted to the Court that, “It will consider giving tax concession to Jaypee Infratech and enhance compensation to farmers only if NBCC complete the stalled projects.” The government’s submission may give a sense of relief to the home buyers if NBCC shows its interest in completing stalled housing projects in which they have invested their money.
“In earlier bids, the NBCC had put various conditions which the CoC had rejected. The fresh bids were supposed to be submitted with some revisions, however, farmers’ additional compensation has made it more confusion. Now if the government has given its assurance on relaxation on farmers’ compensation, we can hope the NBCC will clear its stand in the next hearing,” Ajay Kaul, a flat buyer said.
Meanwhile, the Jaypee group pleaded that it be allowed to give a fresh proposal as it is willing to pay all dues to banks and complete unfinished projects in three years. The home buyers, however, said they would still prefer a government-run agency to take over stalled projects of Jaypee group.
“Things are still unclear as what the government is trying to do and how the home-buyers will get relief. But, if Jaypee group again comes into the foray, things would again become challenging for us,” Kaul added.