Amid Jaypee insolvency plea: At Jantar Mantar, home buyers seek flats, justice

Shouting slogans, holding placards and demanding justice, the protesters attempted to march towards the Parliament, but weren’t allowed to do so by police.

By: Express News Service | New Delhi | Published: August 20, 2017 5:57 am
Jaypee insolvency, Jaypee Infratech, jaypee home buyers protests, Jaypee Group, jantar mantar MEANWHILE home buyers who invested in Amrapali Group flats organised a candlelight march from Sector 16A to Film City in Noida, Saturday. They have been demanding that the builder meet them and resolve their problems. Gajendra Yadav

At least 100 home buyers, who had booked flats with Jaypee Infratech in Noida and Greater Noida, protested against the company and the state government at Jantar Mantar Saturday.

Shouting slogans, holding placards and demanding justice, the protesters attempted to march towards the Parliament, but weren’t allowed to do so by police. Their demands, however, were communicated, loud and clear — the government should set a deadline for the delivery of their booked units so that there is an end to the uncertainty that has been underscoring their lives for years now.

“We have spent a lot of time and money. We had been hoping that the units will be delivered soon, but now we have run out of patience. The government has to intervene and ensure that a deadline is set and followed for delivery of our homes,” said Neeta Linz, a protester.

Although the Jaypee Group didn’t comment on Saturday’s protest, the company — which was developing about 32,000 flats and plots in its township ‘Wish Town’ — has been facing a series of protests for the last couple of weeks. At present, there is a litigation for non-completion of the project against them as well.

Earlier this week, in a bid to reach out to the home buyers who had invested in Jaypee Infratech projects, formats for submission of their claims to the projects were made public. Three formats — for operational creditors, financial creditors, workmen and employees — are available on the company’s website, and the deadline for submitting these claims is August 24.

The move came a week after an Interim Resolution Professional (IRP) was appointed when the National Company Law Tribunal (NCLT) admitted IDBI’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a loan worth Rs 526 crore. In the aftermath of the insolvency plea, there was panic among home investors who gathered outside the builder’s office in Noida Sector 128, broke locks and barricades and demanded that their money be returned. Last Wednesday, Finance Minister Arun Jaitley expressed sympathy with the agitating home buyers and maintained that all those who had invested in the builder’s projects should get their flats.

At Jantar Mantar though, protesters explained that the finance minister’s sympathy, though appreciated, wasn’t the answer.

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