Jaypee Infratech
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After the rejection and approval stint of the NBCC’s bid, now came the perspective of the distressed home buyers who feel that the bid of state-owned National building Construction Company should be considered to acquire the debt-ridden Jaypee Infratech as they have lost faith in the private companies.

The advocates representing nine homebuyers’ associations of Jaypee Infratech’s housing projects in Noida, Uttar Pradesh, said that the Jaypee group promoters are interfering in the insolvency proceedings in order to regain the control over the debt-ridden firm. The home buyers also doubt the integrity of the Interim Resolution Professional (IRP), appointed by the court for supporting the Jaypee group.

The stressed out home buyers, also complained about unfair voting that is been carried out in a three–day schedule to pick the bidder between NBCC and the Mumbai-based realty firm Suraksha group in order to complete the stalled projects of the Jaypee group in Noida and Greater Noida. The voting result is scheduled to be out today.

Earlier this week, the MoHUA [Ministry for Housing and Urban Affairs] gave approval to the revised bid of the NBCC after the committee of creditors [CoC] decided to vote in favour of the Suraksha group in the meeting that was held on April 26th and 30th.

Ashish Rustagi, President of 9 Association that represents approximately 5,000 customers said that the home buyers demand an emergency meeting of the committee of creditors (CoC) immediately. He further said that NBCC being a government agency should be given an opportunity in the voting process as the homebuyers now don’t have any faith in private players.

In 2017, the National Company Law Tribunal (NCLT) had admitted the application by an IDBI Bank-led consortium, seeking resolution for JIL under the Insolvency and Bankruptcy Code. The tribunal had appointed Anuj Jain as IRP to manage the company’s business, who later invited bids from investors interested in acquiring JIL and completing the stuck real estate projects in Noida and Greater Noida.