Jaypee homebuyers demand Rs 15,000 crore cover from builder

Recently in a letter to the amicus curiae representing the homebuyers, in the insolvency proceedings filed by Bank of Baroda against Jaypee Wish Town at the National Company Law Tribunal (NCLT) Delhi, the homebuyers have demanded Rs. 15,000 crore to be deposited in the Supreme Court to ensure completion of the housing projects. The homebuyers in the letter also demanded completion of the housing projects by December 2018.They further demanded future meetings be scheduled with insolvency resolution professional Anuj Jain and members of the amicus curiae team & mdash Subhangi Tuli and Shekhar Naphade. The homebuyers also requested to create an escrow account, for the protection of funds that are to be deposited by buyers with the builder in future. Related Post: SC promises to protect the money and interest of the Jaypee homebuyers & quot 25 homebuyers have filed RTIs, with more to follow in the coming days. Homebuyers have a right to be informed what became of their FIRs. More RTIs are expected in the coming weeks,& quot said Pramod Kumar, Jaypee Wish Town homebuyer and association member.Whereas, many homebuyers have started filing for RTIs with Gautam Budh Nagar police, requesting their response to FIRs filed by homebuyers against the builder in April this year. & quot The proceedings have to first consider the homebuyers interest, as they are the victims in this insolvency bargain. Homebuyers investments have to be protected, and we've communicated that to the amicus curiae through the letter,& quot Krishan Mitroo, representative of Jaypee homebuyers association, said. The Supreme Court on September 11 directed the Jaiprakash Associates to deposit Rs.2,000 crore with the registrar of Supreme Court by October 27, the order was issued in favour of protecting rights of homebuyers. Over 32,000 homebuyers of Jaypee Wish Town have been affected by the insolvency bid raised against the builder at NCLT. Jaypee Homebuyers have conveyed fear that despite filling forms to claim their dues in the resolution process, they could be fooled if their interests are not protected during insolvency resolution.