Jaypee Wish Town Homebuyers Must Get Their Flats Or Refund, Says SC

The Supreme Court, while considering the plight of aggrieved homebuyers in the matter of Jaypee Infratech, recently observed that it will help the homebuyers who have invested their hard-earn money to either get the possession of their flats or get the money refunded.

Over 40 homebuyers who have invested in Jaypee's Wish Town project filed a petition before a  bench headed by Chief Justice Dipak Mishra for challenging the provisions of Insolvency and Bankruptcy Code, 2016.

While adjudicating the petition, the court pressed that it wanted immediate relief for the homebuyers, however, don't want to engage in perennial litigation.

The SC said, “Homebuyers should either get their flats or their money back.” It has also appointed senior advocate Shekhar Naphade as an amicus curiae in the matter against the real estate major. The Court asked Saeed to file an application for impleadment as a party in the pending insolvency proceedings matter.

The counsel representing aggrieved homebuyers have booked flats in 2013 and were scheduled to get possession in 2016.  However, the possession of flats has not been granted yet despite the fact that they have paid the major sum towards purchasing of the property.

On September 11, the SC revived the insolvency proceedings against Jaypee Infratech and gave its management control to the interim resolution professional appointed by National Company Law Tribunal.

The Apex Court has asked Jaypee Infratech to hand over the records to Interim Resolution Professional so it can draft a resolution plan indicating protection of interests of over 32,000 aggrieved and hassled homebuyers.

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