Jaypee flat buyers take fight to Supreme Court

Jaypee flat buyers take fight to Supreme Court

NEW DELHI: The Supreme Court admitted a Thursday PIL for about 32,000 homebuyers who are facing uncertainty about their investment in housing projects in Noida and the National Capital Region (NCR) being developed by Jaypee Infratech National Of the NCLT Court Property Act) has commenced insolvency proceedings against it.

Apparently for PIL petitioners Wednesday senior council Ajit K Sinha reported a Chief Justice JS Khehar and Justice DY Chandrachud after the opening of insolvency proceedings, the Ministry of Social Affairs asked the House buyers to sign a specific form under Section 14 Of the Insolvency and Bankruptcy Code, 2016, for Thursday.

Due to the bankruptcy of 2016, Sinha said that once homebuyers signed these forms will land procedures in consumer forums initiated to recover their money for an inability to service Jaypee Infratech, which builds the huge population ‘jaypee Wish Town ‘In Noida among other housing projects in NCR.

NCLT’s Allahabad Bank had filed bankruptcy lawsuits in a petition filed by IDBI Bank. Sinha said that by signing the form, home buyers affected by Jaypee Infratech projects can not move consumer cuts, even if flat buyers in other manufacturers of other housing projects would be free to address consumer forums.

Under the order of NCLT, Jaypee Infratech has matched the Rard 526.11 crore loan pending. NCLT’s latest action against Jaypee Infratech left about 32,000 buyers.

The main PIL petitioner, Chitra Sharma filed the petition through attorney Ashwarya Sinha and said that the confusion that prevails in the insolvency proceedings against Jaypee Infratech had questioned the investment buyers.

“According to the NCLT control procedures against Jaypee Infratech Ltd, Forms B and C were issued by IRP specifically on financial creditors and commercial creditors. Later IRP noted that homebuyers may also fill out these forms, but forms B And C do not include the buyers apartment at all.

Chaos and ambiguity were amplified as another form, Form F, which was introduced in which the Ministry of Social Affairs has made a statement that buyers can fill flat in such ways, “said the petitioners.

They said that the forms issued to date by IRP in the case of Jaypee Infratech refer only to financial and operating creditors. “The case of homeowners like the petitioners are not covered by any of the forms, because they certainly are not financial creditors since they were not carried out to be operative by NCLAT creditors.”

Home buyers have asked the SC to send a directive to all stakeholders “that Article 14 of the Code of Insolvency and Bankruptcy 2016 should not limit legal and statutory rights owners / flat buyers As consumers in the sense of Section 2 (d) of the Consumer Protection Act, 1986 “.

In the alternative, they asked the SC to declare the buyers as the secured creditors to ensure that they recover the money they had invested in Jaypee Infratech projects.

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