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NCLT’s Insolvency Proceedings Against Jaypee Infratech Leaves Homebuyers in a Lurch

Following this sudden order by NCLT, hundreds of home buyers took to the streets to protest against the project delay by Jaypee Infratech.

Deepa Rana | CNN-News18

Updated:August 11, 2017, 11:29 PM IST
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NCLT’s Insolvency Proceedings Against Jaypee Infratech Leaves Homebuyers in a Lurch
one of the home buyers who took to the street following the NCLT order on Jaypee Infratech.
New Delhi: Thousands of homebuyers have been left in the lurch after the National Company Law Tribunal (NCLT) on Thursday moved to appoint an insolvency professional on a petition filed by the IDBI Bank. This move has initiated insolvency proceedings against Jaypee Infratech.

Following this sudden order, hundreds of home buyers took to the streets to protest against the project delay by the company.

"I have lost all hope of getting my home, we have invested our life savings in Jaypee's Kensington Boulevard apartments, I booked my flat in 2010 and it has been seven years and there is no sign of getting my home,” Amit Parihar, a home buyer, told CNN-News18.

“With Insolvency proceedings of Jaypee the buyers are under tremendous stress and unsure of future of company or hope of getting their homes. The government and authorities must step in for quicker and swift action,” he added.

"We have been running pillar to post to get our home even after paying 90% of the amount. At present, I have to manage to pay huge EMIs to the bank and still there is no guarantee that I will get my home. This move of NCLT is no guarantee that all the buyers will get their homes or refund, another buyer,” Rekha Lamba, another buyer, told to CNN-News18.

One buyer told CNN-News18 that the move of NCLT is not fair, as the interests of many buyers had been compromised.
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