JAL should not be allowed to regain control: Jaypee homebuyers 

JAL should not be allowed to regain control: Jaypee homebuyers 
03/07/2018 , by , in News/Views

In a press conference organized on Monday by the consortium of 9 associations consisting of around 5,000 buyers and various other Jaypee homebuyers, they said Jaiprakash Associates Limited (JAL) should not be allowed to regain control of Jaypee Infratech Limited (JIL).

Talking to Realty Plus, Krishna Mitroo, Member of the Jaypee Homebuyers Consortium said, “We are certain  that JAL would once again put forward a bogus proposal for resolution of JIL before the SC and the SC would once again see through their proposal and reject their proposal, consortium of 9 associations consisting of around 5,000 buyers and various other homebuyers would totally oppose any resolution plan by JAL or any attempt by JAL to regain control of JIL.”

Aaditya Gutgutiya, another Member of the Consortium, shared the concern with Realty Plus, he said, “JAL should not be allowed to regain control of JIL as JAL neither has any intent nor any financial strength to complete construction of pending flats in the stalled projects.The intent of JAL not to honour their commitment towards the homebuyers is evident from the fact that JAL has deposited merely Rs 750 crores out of Rs 2000 crores to the Supreme Court after expiry of 10 months of SC’s order dated 11 September 2017. JAL also failed to pay the installment of Rs 1000 crores demanded by the SC within the stipulated time line of 15 June 2018. This shows the casual approach adopted by JAL towards the SC and the homebuyers.”

Consortium further stated that financial strength of JAL is clear from the fact that the RBI has been seeking SC’s permission to initiate insolvency proceedings against JAL. JAL is said to be having huge liabilities of Rs 37,000 crore and already an NPA with banks. The homebuyers also expressed their surprise that the Central Government is acting as a mute spectator and not opposing JAL’s takeover plan for JIL.

Ranjeet Jha, Member of the Consortium, explained, Realty Plus, that, “ Allowing JAL to regain control of JIL will go against the spirit of IBC and would open a floodgate for other debarred promoters to challenge takeover of their companies by third parties which would ultimately result into total chaos & wastage of the precious time of the Hon`ble NCLT & Supreme Court.”

“We demand that a credible person with a strong networth should be inducted as a new promoter of JIL and the new promoter should be asked to start resume construction of flats in stalled projects at the earliest possible. Suraksha or Cube or any person coming in as a new promoter of JIL should address the concerns of the homebuyers such as timely possession of flats as per promised specification, reasonable compensation for delay and not charge any additional money from the homebuyers on the pretext of illegal increase in Super Area etc, said, Vipin Kalia, Member of the Consortium.

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