Jaypee Infra projects to go on
The Noida Authority on Saturday said insolvency proceedings against Jaypee Infratech would not come in the way of construction work at its delayed housing projects, including Wish Town, as hundreds of angry homebuyers protested at the company’s office in Noida.
The announcement was made by Noida CEO Amit Mohan Prasad after a meeting with Jaypee Infratech managing director Manoj Gaur, senior officials from IDBI Bank, which has filed the insolvency plea at the National Company Law Tribunal (NCLT), and the interim resolution professional appointed by NCLT. Prasad also said 500 units at Wish Town, Jaypee’s mega housing project in Sector 128, could be delivered in September.
Prasad said he has directed Gaur to draw up a resolution plan, which is to be submitted to NCLT, in the interest of homebuyers. The CEO also said that he had asked the realtor to ensure work at Wish Town, where nearly 27,000 flats are still to be delivered, does not stop. “I have asked the builder to make sure construction work in the township across 26 projects does not stop and completion of units is achieved,” Prasad said. “The builder has assured us 5,000 workers are carrying out construction work at the township and work will not get affected by proceedings of NCLT under the insolvency and bankruptcy code,” he added. The Noida Authority will continue to give completion certificates to Jaypee’s projects as soon they are completed and the company applies for it. “This will ensure homebuyers will continue to get possession of their houses after the registration process is complete,” Prasad said. “In the last month, the builder handed over possession of about 1,000 residential units. The company is likely to hand over possession of another 500 units next month. This process will continue and buyers need not panic,” he urged.