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Jaypee Infratech case: Jaypee homebuyers urge government to expedite completion of project

Our Bureau New Delhi | Updated on June 29, 2019 Published on June 29, 2019

Many Jaypee homebuyers held a candle light march at India Gate on Saturday also appealed to put an end to the time consuming litigation process

Several Jaypee homebuyers held a candle light march at India Gate on Saturday in a bid to urge the government to expedite the completion of the project.

The homebuyers also appealed to put an end to the time consuming litigation process.

“We want homes, not litigation as legal cases have created uncertainty over delivery of our houses,” said Ashish Gupta, Member, Jaypee Wish Town Home Buyers Welfare Society.

The offer made by Jaypee should also be considered and it should be asked to complete the project or face consequences, he added. “Jaypee is accountable for our homes,” said Gupta.

Meanwhile, the creditors of Jaypee Infratech, including homebuyers and banks, are waiting for the July 2 hearing at the National Company Law Appellate Tribunal (NCLAT) before deciding on the future course of action.

Read more: Jaypee’s homebuyers, banks should be treated on par in lenders’ panel

On June 10, the lenders had rejected state-owned NBCC’s revised bid for the company. However, sources said it is still in the race as no final order has come from the CoC yet. The NCLAT has to decide on it.

Also read: Jaypee Infra insolvency: NBCC’s revised bid may not pass muster with CoC

The creditors were given a voting period of 10 days which ended on June 10. Homebuyers — who were in favour of NBCC acquiring Jaypee Infratech — voted in favour of the plan, while the lenders vetoed it.

The homebuyers had a vote share of 59 per cent, while the lenders had 41 per cent. Of the total 22,000 homebuyers, around 11,000 voted during the 10-day voting process which started on May 31.

Business conglomerate Adani Group has also submitted its bid to acquire the debt-ridden Jaypee Infratech. The bid is learnt to be unsolicited and non-binding.

It may be recalled that Mumbai-based Suraksha Realty’s proposal to acquire the company was earlier rejected by the financial creditors.

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Published on June 29, 2019
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