Plight of Jaypee Home Buyers

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Honourable Prime Minister Sir;

Jaypee Infratech Homebuyers are running from pillar to post to get their homes for which they have spent their life savings. No solution seems to be in the offing. No body is able to understand the plight of these 20,000 plus ordinary people who have been waiting to get their homes for the last 8 to 10 years. Few have died and and few others may not live to see their dream homes. Their dreams of a comfortable retired life have been shattered. They are living hand to mouth. Their retirement benefits have been taken away by Jaypee. Their meager pension is spent on payment for rental accommodation and EMI to bank against loan taken for the house.

Sir, you are the only person who can understand our plight. Homebuyers have lost faith in the system. Mr. Manoj Gaur, MD of Jaypee, is too powerful a person. He has diverted thousands of crores of homebuyers money for his personal use. Hundreds of homebuyers lodged FIR against him. No action was taken by the Police. We asked for FORENSIC AUDIT. It was turned down. Banks did not support us. They voted against Forensic Audit.

Sir, tell me, why would the Banks not want Forensic Audit to trace the trail of money, unless they are hand in gloves with the Company. After all, the banks have given thousands of crores to Jaypee. Homebuyers want NBCC to takeover Jaypee in the resolution plan. However IDBI Bank has taken up with NCLT to vote against the resolution. We are afraid that if the banks do not vote in favour of the resolution, then LIQUIDATION will take place. This is because 66% voting in favour of the resolution is required for resolution to be accepted. Homebuyers total voting share is 59% only. We the homebuyers will be the biggest losers if Liquidation takes place because we will get whatever is left after distribution to the banks; banks being Preferential Creditors.

Sir, Mr. Manoj Gaur is too big a player. He has the money power. We do not have any money left to even hire a good lawyer. Sir, you are our only hope. We trust you for your integrity and honesty and are sure you will not allow him to go scot-free. He owes thousands of crores to homebuyers and banks. Please guide us to get our homes.

Warm Regards
Rajesh Malhotra