Distressed homebuyers of debt-ridden Jaypee Infratech will hold a silent protest at Jantar Mantar on Sunday in the national Capital, after the lenders and home buyers failed to agree on a logical conclusion.
The Jaypee Infratech had launched around 50,000 flats in 2009-10 in various ambitious real estate projects in Noida and along the Yamuna Expressway area. But the slowdown in the property market and other factors affected the financials of the company and shattered home buyers' hopes.
The Corporate Insolvency Resolution Process (CIRP) of Jaypee Infratech Limited (JIL) has entered into the endgame of its second round.
As per the homebuyers of the Jaypee Infratech, two major class of creditors included homebuyers with 60 per cent vote share and banks with 40 per cent in the Committee of Creditors (CoC) are not on board in a bid to achieve successful resolution in the matter.
The buyers have alleged that the bankers were not making any effort to resolve the issues.
“It's a unique case wherein the banks have not made any genuine serious efforts in the direction of ensuring successful Resolution and the homebuyers whose lifelong savings are stake making all possible compromises and efforts so as to ensure getting possession of their dream houses with some reasonable compensation for delay,”said one of homebuyers who is serving in defence forces.
Government's Navratna Enterprise NBCC had proposed to take over the Jaypee Infratech and complete over 20,000 unfinished flats. Earlier, Suraksha Group had also shown interest to acquire the company but the flat-buyers rejected the plan.