Set aside Rs 10,000 crore for Jaypee Wish Town, homebuyers ask Anuj Jain

Almost 2,400 flat buyers of Jaypee Infratech's Wish Town project Noida have made a request to the insolvency resolution professional (IRP) Anuj Jain to include a provision for setting aside a sum of Rs 10000 crore to complete the Wish Town project by 2018 December and compensate the home buyers for the delay at 18 % in the interim and final resolution plans. In their letter written to the IRP Anuj Jain through a law firm Trilegal, home buyers are also asking for the provision of bank guarantee of minimum Rs 5000 crore to be provided by holding the company Jaiprakash Associates for any cost overruns. Home buyers have made a demand that any future installments paid by them should be deposited in an escrow account and the responsibility of completing Jaypee Wish Town should be handed over to companies such as National Buildings Construction Corporation, Larsen & Toubro, Godrej Properties and Tata Housing. Related Post: Yogi to officials: Allot flats to 50,000 buyers in Noida, Greater Noida in 3 months They have also asked for setting up a joint project monitoring mechanism of lenders, builder, contractors and flat buyers to monitor and control quality and costs of the construction of Wish Town project on an ongoing basis. After putting a stay to the NCLT insolvency resolution proceedings against Jaypee Infratech, the Apex Court modified its order on September 11, asking the IRP appointed by National Company Law Tribunal (NCLT), Anuj Jain, to submit an interim resolution planto the court within 45 days keeping in view the interest of flat buyers. Shubhangi Tuli, advocate on record and Shekhar Naphade, senior counsel, have been appointed by the Supreme court to participate in the IRP meetings.