Jaypee home buyers seek clarity on resolution plan from IRP Jaypee...

    Jaypee home buyers seek clarity on resolution plan from IRP

    Jaypee Infratech homebuyers have requested the interim resolution professional (IRP) to give them access to relevant portions of the resolution plan dealing with their interests or upload those parts of the broader revival proposal on a website.
    Jaypee home buyers

    In a letter to IRP Anuj Jain on Friday, about 2,400 home buyers of Noida’s Wish Town project said the move would provide clarity on the timelines for possession of projects or compensation, and the amount of compensation to be paid for delayed delivery.

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    “Needless to add, the home buyers being the biggest stakeholders of Jaypee Infratech are legally entitled to receive the above stated information,” the letter written through law firm Trilegal said.

    Home buyers also requested the IRP to grant them time to meet in person to discuss in detail their concerns.

    In their letter, the apartment buyers sought possession by December 2018 and compensation for the delay at 18% per annum. They also requested proper superarea fixation and a refund of car parking charges and collected services tax.

    The same set of home buyers, through an application filed in the Supreme Court last month, alleged that Jaiprakash Associates had diverted more than Rs10,000 crore from its subsidiary Jaypee Infratech, which is under insolvency, in the construction of Yamuna Expressway and other realestate projects.

    The Supreme Court on September 11had asked Jaiprakash Associates to deposit.`2,000 crore to pay off the aggrieved home buyers, while asking the IRP to submit an interim resolution plan keeping in view their interest.

    The Allahabad bench of NCLT classified Jaypee Infratech as insolvent on August 9 on a petition filed by IDBI Bank for a`526-crore loan default. The IRP is expected to submit his resolution plan by the first week of February 2018.

    Info: economictimes