Many Jaypee homebuyers are coming forward to become a part of Chitra Sharma’s PIL in the Supreme Court, seeking clarity and definition of their rights in Jaypee projects that are facing insolvency.
Chitra, who booked a flat in Jaypee Wish Town in Noida, has filed a PIL against the National Company Law Tribunal (NCLT) for accepting a plea seeking insolvency proceedings against Jaypee Infratech, contending that there was no clarity on the buyers’ rights. In the begining, the PIL had a group of around 20 buyers who made a joint appeal. On Monday, 102 more buyers had joined the appeal. Homebuyers claim that they will sign up< many more buyers for the next appeal in the Supreme Court on possession delays by Jaypee Infratech.
“We will appeal to the Supreme court to clarify the homebuyers right as a part of the appeal on October 10. There are around 32,000 buyers in Jaypee Wish Town alone and all are welcome to join this appeal. Who is going to ensure the delivery of our apartments now? What happens to penalties due to us? We invite not only all Jaypee buyers, but all buyers from various projects to join us in this appeal, and be a part of it.” said Krishan Mitroo, a Jaypee Wish Town investor.
Another homebuyer CP Surendran added, “The fact that buyers were sidelined in the NCLT procedure as operational creditors has clearly come to light. Jaypee buyers will now demand inclusion in the process as financial creditors, by being which their rights to the financial recovery is on a par with the banks. But one also needs to question what happens to all those forms that the buyers filled to claim their stake in the original NCLT proceedings. Do those forms now become null and void? We will seek clarification on these from the court.”
The Supreme Court has put a stay on the NCLT proceedings against Jaypee Infratech, and has set the next hearing date for Oct 10th, 2017, giving time for more homebuyers to join the petition.