Prioritise Completion & Possession of Jaypee Infratech Projects
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November 5, 2017
Mr. Anuj Jain, Resolution Professional
BSSR & Co, Chartered Accountants
8th Floor, Tower – B, Building No 10
DLF Cyber City, Gurgaon, Haryana -122002
Request for completion and possession of unfinished projects of Jaypee Infratech Limited.
You have recently invited Expression of Interest for completion of JIL projects from Investment Companies, Fund Houses and other such companies. Selection and transfer of projects to a new company may be a lengthy process which will further delay the projects.
Such parties will primarily be driven by their quest for profits, so interest of home buyers waiting for their units, may be further compromised.
Buyers started buying into these projects since 2008 and most of home buyers are still waiting for their dream homes. They have invested their life savings for a roof on their heads, paying rent and EMI every month. A very big number of actual users are still keen to take delivery of their homes, for which they are still awaiting.
Clouds of insolvency are hovering on Jaypee Infratech. If this happens then it may drag Jaiprakash Associates also into insolvency leaving about 25000 home buyers into lurch. It can be safely assumed that out of these 25000, more than 20000 buyers would have taken home loans. In case of insolvency they may stop paying their EMIs and banks will create 20,000 small NPA just to settle one NPA account.
In my online petition dated June 21, 2017 to MD of IDBI Bank, I had pleaded that
- “Banks must provide soft loans to Jaypee Infra quickly and restructure its debts, to the extent that shortfall of funds needed for completion is addressed with sufficient safeguards like Escrow accounts.”
- To avoid ruining thousands of home buyers and resulting implications therefrom, it is imperative that all delayed projects are completed quickly.
This petition was signed by 3175 people confirming that they are interested in completion of projects and to take possession of their homes.
We therefore request you to please find ways for quick completion and handing over possession to home buyers.
Also please request Honourable Supreme Court to:-
- Accord top priority to completion and possession considering the plight of actual home buyers who still want possession of their homes and constitute the biggest majority of buyers.
- To transfer the amount which will be deposited by JAL / JIL, from Court’s registry to JIL’s Escrow account so it may be used for construction. All such future contributions from JIL must go to the Escrow account to be used solely for construction
- Order State Authorities like YEIDA to defer collection of their dues for at least 2 years.
- Press banks to provide fresh loans for completion of projects to avoid turning home loans into NPAs. They are also obliged to do so as they have cornered all the money raised previously by builder, to settle their previous loans while leaving nothing for completion of projects.
We again reiterate that Completion and Possession of homes is the best and only solution both for home buyers and builders.
For Developers Township Property Owners Welfare Society
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