Supreme Court: Jaypee Wish Town Homebuyers must get their flats or refund

Jaypee homebuyers supreme court

Understanding the pain of the homebuyers of Jaypee Wish town who haven’t been given the delivery of the possession of their flats despite paying money to developers, Supreme Court observed that it wants to help these investors who must get their flats delivered or their money back.

A bench headed by CJI Dipak Misra said this during the hearing of the plea filed by over 40 Jaypee Wish Town, Noida home buyers who challenged few provisions of Insolvency and Bankruptcy Code,(IBC) 2016.

The Supreme court, said it does not want to hear anymore litigations in these type of matters.

“We want to help homebuyers but not the litigations, We want that homebuyers must either get their flats or refund of their money,” bench, comprising of Justices D Y Chandrachud and A M Khanwilkar, said.

Bench told Rashid Saeed, petitioner’s counsel, that senior advocate Shekhar Naphade is already appointed as an amicus curiae in this matter of insolvency proceedings against real estate giant Jaypee Infratech.

It directed Saeed to file an impleadment application as a party in pending insolvency proceedings matter.

Rashid Saeed said that these homebuyers had booked flats in 2013 and were possession was scheduled for the last year itself.

He also said that the flats have not been given to these buyers despite the fact that they have paid most of the amount for the flat.

The Supreme court on September 11 continued the NCLT insolvency proceedings against Jaypee Infratech and hand over its management to Interim Resolution Professional (IRP) Anuj Jain, appointed by the National Company Law Tribunal (NCLT).

The court restrained the directors of the firm from travelling out of India without permission and asked Jaypee Associates, its parent company to deposit a sum of Rs 2,000 crore with the court to protect the interest of home buyers.

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