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1-min read

Supreme Court to Hear Plea by Jaypee Infratech Homebuyers Tomorrow

Senior advocate Ajit Kumar Sinha mentioned the buyers’ writ petition before Chief Justice of India J S Khehar and sought an urgent hearing.

Utkarsh Anand | CNN-News18

Updated:August 23, 2017, 11:49 AM IST
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Supreme Court to Hear Plea by Jaypee Infratech Homebuyers Tomorrow
Home buyers stage a protests outside Jaypee group's Noida office. (picture: CNN-News18)
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New Delhi: Aggrieved homebuyers in Jaypee Infratech’s projects moved the Supreme Court on Wednesday, asserting their rights to avail remedies under consumer protection law.

Senior advocate Ajit Kumar Sinha mentioned the buyers’ writ petition before Chief Justice of India J S Khehar and sought an urgent hearing.

Sinha pointed out that they have been clubbed with secured creditors (mostly financial institutions) by the Ministry of Corporate Affairs and in the process of adjudication they will be at the end of the line.

Citing the moratorium imposed by the order under the Insolvency and Bankruptcy Code, the senior lawyer said that when the assets will be liquidated, flat buyers will virtually receive nothing since secured creditors will get the first and the major share.

He further complained that the moratorium has restricted buyers from pursuing other remedies, the most important being filing cases before consumer courts to seek refund along with compensation.

The CJI agreed to list the matter for hearing on Thursday.

The plea was filed by a flat buyer Chitra Sharma and 23 others seeking protection of their rights as flat buyer.

Hundreds of home buyers have been left in the lurch after the National Company Law Tribunal (NCLT), on August 10, admitted the IDBI Bank's plea for initiating insolvency proceedings against the debt-ridden realty company for defaulting on a Rs 526-crore loan.

Jaypee Infratech is into road construction and real estate business. It has constructed the Yamuna Expressway, connecting Delhi-Agra.

| Edited by: Puja Menon
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