JaypeeInfratech home buyers may stop paying EMIs

JaypeeInfratech home buyers may stop paying EMIs
10/06/2019 , by , in News/Views

As the voting process on the NBCC’s bid for JaypeeInfratech (JIL) ends on Monday, with no signs of the public sector enterprise getting through, sources say, home buyers plan to stop paying the ongoing EMIs (equated monthly installment) as many of them have “lost hope of a resolution”.

The online voting on the NBCC’s bid started on May 31.

The bid would require 66 per cent votes in its favour to make the cut and acquire the insolvent realty company. The home buyers, who are mostly in favour of the bid, have a vote share of around 58 per cent, but of the total 22,000 home buyers, only 9,000 have voted so far, further declining the weight on the NBCC’s bid.

IDBI Bank, the prime lender to JIL, which has around 18 per cent vote share is already against the bid on the ground of the resolution plan being “conditional”.

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