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Home buyers oppose liquidation proposal for Jaypee Infratech

IANS  |  New Delhi 

of Jaypee Infratech's (JIL) residential projects on Monday said they are opposed to the liquidation of the company or its acquisition by (JAL) as the latter failed to deliver flats to several buyers and it is likely to become insolvent soon.

On Sunday, the aggrieved held a candle-light protest in Jaypee WishTown, Noida with the same demands.

"The demanded that JAL should not be allowed to regain control of JIL as JAL has huge liabilities of Rs 37,000 crore with various banks and JAL has defaulted on its various loans and is on verge of insolvency," a statement from the Jaypee home buyers said.

It further said: "The home buyers also alluded to the application filed by the RBI in the seeking Supreme Court's permission to initiate proceedings against JAL."

The home buyers opposed the decision of the lending banks or the (CoC) of JIL, to liquidate JIL and said the banks and JAL were acting in collusion for the last seven to eight years with a view to defeat the interest of the home buyers.

On Friday, May 11, had asked the to consider its resolution plan for revival of Jaypee Infratech, which the home buyers are opposed to. The next date of hearing has been fixed for May 16.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 18:14 IST