In a relief to homebuyers, the state-owned National Building Construction Company (NBCC) has agreed to complete stalled Jaypee Infratech housing projects. In its submission to the Supreme Court on Thursday the real estate firm said, “It would submit a revised resolution plan to take over the unfinished units of debt-ridden Jaypee Infratech,” a person privy with the matter said.
The NBCC, however, has sought three weeks' time to submit the detailed revised resolution proposal to the court. On September 3, the apex court had sought NBCC’s response on whether it would submit a revised plan or not. A bench of justices AM Khanwilkaer and Dinesh Maheshwari hearing the matter asked NBCC to submit its proposal in a sealed envelope within three weeks.
Meanwhile, the NBCC has asked homebuyers to submit their recommendations regarding required developments and their concern in writing within one week.
Why NBCC demanded homebuyers’ recommendations? Because it had earlier told the court that it would not be liable to compensate farmers or to bear various extra expenses.
"The court had directed NBCC to ask for homebuyer's recommendations, as the NBCC would submit its detailed proposal along with its requirements. At the same time, the court also wants to know what homebuyers’ recommendations are. Homebuyers are financial creditors and hence, their recommendations would be required to bring more clarity, before the NBCC start construction works,” said the person aware of the matter.
On September 3, the Court had said, “In view of the suggestions made we would like to know from the NBCC whether it would be in a position to submit a revised plan to address the aspirations of various stakeholders. We will look into it but only after this (NBCC offer) option is exhausted. We will consider all aspects but too many offers will complicate the case. Although, the best way is winding up the company but many of you don't want any such steps to be taken. We think first let NBCC give its proposal.”
Meanwhile, the center told the court that there would be haircut to all stakeholders, including homebuyers in the proposals of NBCC. Further, it also mentioned that homebuyers may have to shell out some money to additional compensation or may have to pay early installments.