Home Buyers seek government intervention against Jaypee Infra.
MAS team | 24 June 2019
Jaypee Infratech home buyers on Sunday urged the Indian government to direct IDBI Bank to back the state-run NBCC's bid for the purchase  of the debt-ridden firm which will prevent the same from being liquidated and save the home buyers a lot of pain.This Sunday the Jaypee home buyers took to the street and protested in Jantar Mantar after which they submitted a petition to the finance minister urging her to move on their behalf.
The petition also demands that the majority vote of the home-buyers in the CoC be considered representative of the whole voting sub- class of the home-buyers. This will give them more biting power against Jaypee Infra.
The Committee of Creditors met last week to assess the way forward for Jaypee Infratech. The committee includes creditors and home buyers. However , according to reports, no decision was taken as to the future of the company.The decision on whether to consider bids of Adani Group or Jaypee Group would be taken after a hearing in this matter in the National Company Law Appellate Tribunal (NCLAT) on July 2 .After which the CoC will meet and decide the future of Jaypee Infratech.
Jaypee Infratech went into insolvency proceedings on August 2017 when the NCLT admitted an application by an  IDBI led consortium . The bids by the Adani and Jaypee group are part of the second round of the bidding .