The homebuyers have opposed liquidation of Jaypee Infratech, and instead, have requested the Supreme Court to monitor the completion of possession and ensure quick delivery of their homes.

The apex court is expected to take up the matter on Friday.

“Liquidation of the company is not a solution, it is going to be a disaster for all the stakeholders. Nobody will take the entire project, several new builders will enter in it. Therefore, the township format in which it was being built originally would not be there,” said Arvind Jain, President, Developers Township Property Owners Welfare Society (DTPOWS).

He added that the entire process will further delay the project. “We want Japyee to continue with the project since it was started by them,” he said.

Jaypee Infratech had started the development of 32,000 flats and plots in its township ‘Wish Town’ in Noida in 2008. However, buyers of over 20,000 flats are yet to get the possession.

“Excess of supply, lack of skilled labour, paucity of funds were some of the reasons that the project got delayed. Now, we have all the recourses mobilised and are also aware of the designs. Since the project does not consist of few towers, an integrated township in 1,150 acres, therefore, we are better equipped than others”, said Ajit Kumar, Advisor, Jaypee Infratech.

He said if the decision comes in the favour of Jaypee Infratech, the company will complete the project in a period of about three years.

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