Homebuyers have summoned Jaypee that it is trying to derail the process to prevent them from claiming their crown jewels, a claim Jaypee does not deny. In addition, government agencies appear to be making statements that are not beneficial to homeowners.
NEW DELHI In January of 2010, Puja Mehrish secured a place in Jaypee Infratech Ltd.’s (JIL) Klassic Heights, for which she borrowed a loan. She was granted possession in June 2013. However, she remains in a rental place and is also paying EMIs.
Many others are similar to Col. SK Gupta, who was able to book an apartment at Kasa Isles at the same time and has retired. He says if I had invested Rs 10 lakh into a mutual funds, that was excellent, and it was one crore today.
Pramod Kuma, a Dubai resident, is said to have paid his loan, but the house he booked is unavailable.
Mehrish, Gupta and Kumar are among the nearly 20,000 homebuyers waiting for the outcome of a series of legal actions before different courts in the last five years while some of the well-known and most prominent failure cases continue to pull along.
This year, on the 23rd of June, following an additional round in the process of insolvency resolution for JIL, which was to be completed in 2270 days, the applicant’s proposal was ultimately accepted by the National Company Law Tribunal after it was approved by an overwhelming committee of creditors’ votes.
Jaypee buyers no closer to flats
And beat the idea of the state-run NBCC. But, despite the matter being solved in the Supreme Court, a resolution is not in sight, even though the insolvency court is conducting regular hearings for this case, and more than 60 hearings have been held.
Aman Behl, a homebuyer, said if you consider the various hearings at National Company Law Tribunal and the appellate tribunal, and the Supreme Court, there are more than 150 hearings.
Homebuyers have summoned Jaypee that it is trying to derail the process of claiming their crown jewels, a claim Jaypee does not deny. Additionally, the government agencies appear to be in the process.
Mehrish is a regular attendee of the hearings and says she’s paid between 35,000 and 40,000 rupees in legal costs. She said I am sustaining of having to pay legal costs. Another buyer said there are just four associations in existence compared to nine before.
Noida Agra Expressway
Despite the tax from tolls through the Noida Agra Expressway flowing to JIL, the delivery of JIL hasn’t kept up.
In the first few months, despite reservations of more than thirty thousand units, including apartments, shops and plots mostly in Wish Town, around 13,000 offers for ownership have been given, and 8,500 in the past five years when the project was in solve.
The target is to transfer three hundred units by March and another 2,500 units by the end of this year.
However, that’s at least one year behind the time set by interim resolution specialist Anuj Jain.
The project will also create almost 12,000 units, where most of the work is left for Suraksha.
Suraksha will hand ownership to the buyer within 42 months of being transferred. Because the National Company Law Tribunal ruling can be challenged at the National Company Law Appellate Tribunal as well as the Supreme Court, homebuyers expect a series of the fight. Positions which are not aiding homebuyers.