Will protect your interests, SC tells Jaypee homebuyers

Will protect your interests, SC tells Jaypee homebuyers

July 12, 2019 in Jaiprakash Associates

NEW DELHI: The Supreme Court on Thursday said it would intervene to protect Jaypee homebuyers if the resolution plan under the insolvency proceedings failed. It may step in to stop liquidation of the company to safeguard buyers’ investment. It asked all the parties, including NBCC and creditor banks, to sort out differences over the plan.
Having failed to come up with a policy to protect the interests of homebuyers, the Centre urged a bench headed by Justice A M Khanwilkar to adjourn the hearing as the case was listed before the National Company Law Appellate Tribunal (NCLAT) on July 17 for a final decision on the resolution plan. The court posted the hearing for July 18. It said the parties should explore all possibilities to pave the way for other builders to take over Jaypee Infratech Ltd which is facing insolvency proceedings.
As the homebuyers urged the bench to pass an interim order to stop liquidation of the company, the bench assured them that their interests would be protected. “We should wait for the outcome of the tribunal proceedings. We also want the government to explore all possibilities. If the proposal (resolution plan) given to the tribunal is acceptable to all, then the problem will be solved,” the bench said.
Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal admitted an application by an IDBI Bank-led consortium seeking action under the Insolvency and Bankruptcy Code.
With creditors rejecting NBCC’s bid to acquire Jaypee Infratech, the NCLAT had directed representatives of banks, allottees and other stakeholders to appear before it on July 17 to consider how the bid could be tweaked for the benefit of homebuyers.

Sources: realty.economictimes.indiatimes.com

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