Appeal to Hon Narendra Modi & Hon Adiyanath to personally interrogate J P Group Promoters
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Appeal to Honorable PM of India Shri Narendra Modi Ji and Honarable CM of Uttar Pradesh Shri Yogi Adityanath Ji
We will like you to spare a moment to read this case of blatant exploitation of large middle class by Jai Prakash Group ( J P Group) and its promoters.
The Allahabad bench of National Company Law Tribunal (NCLT) has admitted the petition filed by IDBI Bank under Section 7 of Insolvency and Bankruptcy Code 2016 against debt-ridden Jaypee Infratech (J P Group Company promoted Shri Jai Prakash Gaur and his sons).
This was consequent to withdrawal of objections filed by the company, NCLT, Allahabad Bench as on August 9 pronounced operating portion of its order admit.
This seems to be a very clever strategy adopted by promoters of J P Group to exploit (take shelter under) countries Laws and Acts to avoid RERA’s stringent penalties. With money and lawyers they hold the key to manipulate the laws to their advantage.
J P Group came out with their residential project on Noida Expressway 151 sector by the name of AMAN. This project has been advertised as a dream home project for middle class people in the range of Rs. 20-30 lacs (which was a reasonable deal for a young family) and committed to deliver in 36 months. As a result large number of people booked flats. These apartments were booked by home buyers in the year 2010 and over last 7-8 years and have already lost their faith in promoters due to long delays and breach of commitment several times. These home buyers have been knocking doors of all possible Government Channels such as Noida Authority, National Consumer Disputes Redressal Commission (NCDRC) without any success.
It is an extremely sensitive issue involving thousands of salaried class people (that hold promise for your New India) who put their life savings to secure homes for their families. These home buyers being organised employees pay huge amount of taxes to the Government exchequer. If desired we can present cumulative tax paid by these home buyers, to give your good self an idea of their contributions towards nation building. My honourable Prime Minister we know that your heart lies with us and trust you will be our saviour if this truth is revealed to you.
Promoters have been giving all kinds of excuses to avoid facing accountability and covering their criminal intension under clever and manipulative pleas which our system has allowed so far. In our concerted views following seems to be the facts reasons and causes:
1. Promoters have misused collected funds :- these are tax payers whose life savings are at stake
2. Most of the buyers are young with young families and have booked small two bed room apartment with Rs. 20-25 lacs. In most cases 80% of funds are borrowed from housing finance company
3. Over last 7 years (over 80 months) most people are paying significant part of their salaries in paying EMIs, further most of them have to bear the load of rents which leave them meagre funds for survival. This has created hell out of their life spreading frustration and stress in their lives. This is colossal loss for country as promising youth are wasting their energy in worries instead of creating value.
4. Reason for delays mentioned by J P Group is National Green Tribunal, which prohibited Noida Authority from giving any completion certificate for projects within a 10km radius of Okhla Bird Sanctuary. No body know how NGT order could cause delay of Aman Project which is far away in sector 151.
5. It seems that group/promoters diverted funds collected from AMAN home buyers towards other projects, land banks and investments to augment their business interests.
6. It seems that group siphoned funds through various dubious companies which acted as agents, contractors, employees etc.
7. Promoter now are using shelter in bankruptcy law to avert commitments on account of handover of finished apt
We know that our PM and CM have heart for protecting aggrieved. We are from soil of Chakravartis where king ensured practical justice even though powerful classes used tools of systems and law. All of us know promoters have personally benefitted at the cost of commoners and even today are amassing huge wealth directly and indirectly.
Honourable Sirs, this case is significant for the entire reality sector as millions of home buyers fate is hanging on the proceedings of this case. And if this builder is allowed to exploit laws to his advantage then it will set an unfair precedent setting defaulting/ bad intentioned builders to follow this strategy.
Honourable Sirs, you are the only saviours at this hour of crisis to handle the powerful builder and your strict intervention will not let them escape this dubious trap.
Hoping for strictest action against the wrong doers with your personal intervention.
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