Jaypee Infra Home Buyers Oppose Developer Control

On May 16, the trial court asked Jaypee Infratech's developer to deposit an additional 1,000 rupees by June 15 in order to reimburse the buyers. in difficulty

. The Jaypee Infratech (JIL) buyers' badociations do not want the Jaiprakash Associates (JAL) developer to take back control of the troubled real estate company
"JAL has neither the intention nor the Financial strength to complete the construction of apartments waiting in the stalled Krishnan Mitroo, spokesperson for the nine badociations representing about 5,000 buyers, said:

On May 16, the apex court asked the developer Jaypee Infratech to deposit an additional 1,000 rupees by June 15. refunds to harbaded buyers Upon presentation of this amount, the liquidation procedure against JIL will remain suspended, said a court headed by Chief Justice Dipak Misra. If there was a failure to deposit the money before June 15, the legal proceedings against JIL would continue, said the bench.

However, JAL failed to file Rs 1,000 crore at the court registry. According to sources, the company will now submit a proposal to the Supreme Court in the interest of homebuyers.
"We are confident that JAL will once again present a bogus JIL resolution proposal before the SC and SC again see through their proposal and reject their proposal … we would oppose completely any plan to JAL resolution or any attempt by JAL to regain control of JIL, "said Mitroo. the spirit of the Code on Insolvency and Bankruptcy (IBC) and would open the door to other promoters to challenge the takeovers of their businesses by third parties, which would cause chaos. "Jaypee is not an entity to build … We need another company like the Lakshadweep consortium or Kotak-Cube or even the NBCC to complete the project. instructions from the government and the Supreme Court to complete the projects so that they are delivered on time, "said Mr. Mitroo