Jaypee Homebuyers

March 31 deadline for Rs 22,600 cr debt resolution missed as litigation delays process; matter has been dragging on for five years instead of six-month deadline under IBC

Apex court has sent case back to lenders, allowing previous two bidders to furnish revised plan

The bench said only genuine homebuyers can invoke insolvency proceedings against the builder and asked the Centre to file an affidavit taking the corrective measures

They said that NBCC's resolution plan has been approved by the Committee of Creditors with 97.36% voting

This is the third round of bidding process, which has been initiated on the direction of the apex court.

As many as 13 banks and over 23,000 home buyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For the bid to be approved, 66 per cent votes are required.

Top court defers hearing to July 11, says such policy issues should be solved by Centre

The aggrieved homebuyers gathered at the Jantar Mantar in the heart of the national capital around 10 am for a silent protest

Earlier, the Jaypee Group had told the apex court that the company needs to raise funds to deposit Rs 2,000 crore in the apex court registry for paying the troubled home buyers

Jaypee said that it would use the returns to pay back some of the money it owes to more than 30,000 people

Currently, there are 60 National Consumer Helpline centres in the country

Over the next few months, the legal teams representing Jaypee Infratech seem likely to have their hands full.Distraught buyers of their yet-to-come-homes plan to bombard the errant developer with up to 4,000 individual civil and criminal cases.After the Supreme Court (SC) stay on the National Company Law Tribunal's (NCLT) order regarding insolvency proceeding against Jaypee, the home buyers have developed a strategy which includes bigger and more vocal protests, meeting various ministers, sending letters to the prime minister's office and filing of police complaints."The plan is to bombard them with multiple court cases, so that the developers remain engaged and tangled in legal hassles. They are a huge company but even for them to handle 4,000 individual cases would be a lot. There are home buyers who have already filed court cases over non-delivery of the promised property and cheating, among other charges. More are planning to do the same over the next few weeks," said Pankaj ...