Economy

Protesting homebuyers call Jaypee insolvency issue a scam

Protesting homebuyers call Jaypee insolvency issue a scam”

The protesting buyers gathered outside its Sector 128 office and shouted slogans.

The approval has to be taken over possession of unsold property of the defaulting builders.

"Consequent upon withdrawal of objections filed by the company, NCLT, Allahabad Bench on August 9 pronounced operating portion of its order admitting the petition of IDBI Bank Ltd filed under Section 7 of Insolvency and Bankruptcy Code 2016 and appointing Interim Resolution Professional", it said. This time frame could further be extended to 3 months, however, as soon as the time limit exhausts the assets of the company will be frozen and sold to recover debts.

This move has caused enormous anxiety among the home buyers whose number is said to be around 32,000.

The Noida authority chief executive officer Amit Mohan Prasad, Jaypee Group managing director Manoj Gaur, IDBI Bank officials and others held a meeting in sector 6 administrative building to discuss home-buyers' concerns. The flat buyers, banks-who had given loans to creditors, vendors and employees have now been given time to recover dues from the Jaypee builders for the same.

He also said that it is inappropriate to say that the company has gone bankrupt.

NEFOMA, an association of home buyers of Noida, was not satisfied with the assurance given by the the Authority CEO. Although the company had claimed that it held adequate assets to repay the loan, IDBI went ahead and filed the plea. The NCLT is the agency appointed to undertake the proceedings under the Insolvency and Bankruptcy Code.

The IRP "shall be under duty to protect and preserve the value of the property of the corporate debtor as part of its obligation imposed" on it, NCLT said. The Noida authority has however promised buyers that their investment is safe.

This plan requires an infusion of around Rs 1,000 crore for completion of the housing projects, he added.

The Authority will then take over the unsold apartments and property of the builders and auction it to recover the dues, Prasad said.

The Jaypee Group assured buyers that it will finish all towers in two projects by 2019-20.



Like this

Latest


13 August 2017
JD(U) suspends Ali Anwar Ansari from parliamentary party
He added that this was not personal fight against Nitish Kumar but a fight of principles and to save democracy and brotherhood. The Congress had called a joint opposition meeting in order to discuss unity and plan future strategy to take on NDA.

13 August 2017
Matic is a 'gross loss' for us, admits Chelsea boss Conte
Matic's departure will force Conte to accelerate Bakayoko's progress into the starting XI when he returns to fitness. He was a brilliant midfield player, one of the best in the world, but he kept chasing the ball and vacating areas.

13 August 2017
Man United's Mourinho: Prem title more realistic than last season
Last season, Mourinho eventually had to prioritise the Europa League over the Premier League in a bid to secure Champions League football.

13 August 2017
Contaminated eggs scandal spreads from Europe to Asia
European Union trade and agriculture spokesman Daniel Rosario said farms have also been blocked in France and Germany. The semi-autonomous Chinese territory of Hong Kong was the only non-European place mentioned that was affected.

13 August 2017
Micromax Canvas Infinity Price In India Specifications Features Review Comparison
The Micromax Infinity series phones are expected to feature a design similar to the Samsung flagship, the Samsung Galaxy S8 . Following the footsteps of Samsung, Micromax is all set to launch its very own set of smartphones with the infinity display.

12 August 2017
AMC Entertainment Holdings, Inc. (NYSE:AMC) Stock Recovered From Losses After-Hours
LMR Partners LLP bought a new position in shares of AMC Entertainment Holdings during the first quarter valued at $2,192,000. As of quarter end Parametric Portfolio Associates LLC had acquired a total of 151,672 shares growing its stake by 154.3%.

12 August 2017
Jose Mourinho hoping to continue second-season success record with Manchester United
One of the Sky Blues' current key weaknesses is in central defence, where John Stones and Nicolas Otamendi have yet to convince. But the solution is not changing players every season.

12 August 2017
Nikki Reed and Ian Somerhalder welcome first child, a daughter
The outlet reports that Reed gave birth to a baby girl, whom the couple named Bodhi Soleil Reed Somerhalder . The Twilight Saga actress and her 38-yearold husband became first time parents two weeks ago on July 25.

12 August 2017
War of Words Heats Up between President Trump and North Korea
The "fight tonight" motto is a long-standing one with respect to a potential USA attack on North Korea, dating back decades. The North Korean military said it could carry out a pre-emptive strike if there were signs of an American provocation.

12 August 2017
Leucadia National Corporation (NYSE:LUK) Issues Quarterly Earnings Results
Country Club Trust Company n.a. boosted its stake in shares of Leucadia National Corporation by 6.1% in the first quarter. Usca Ria Limited Co reported 28,970 shares. 48,141 are held by Capstone Inv Limited Liability. (NYSE:LUK).



Recommended