05:06
Real Propmart
Source : TOI dated 17th 2017
NOIDA: A private legal firm representing homebuyers of Jaypee Wish Town in the insolvency proceedings at NCLT has written to the Amicus Curie of the Insolvency Resolution Professionals (IRP) demanding all pending constructions at Wish Town be completed by December 2018.
The letter, which is an intervention application on behalf of buyers, was sent on September 15. The letter upholds the buyers' interests and demands the buyers be given 18% interest for the number of years for which the project has been delayed. The buyers have also demanded that Rs 10,000 crore be set aside for the completion of Wish Town and an additional Rs 5000 crore be set aside for any additional expenses arising for the completion of Wish Town by the builder.
The buyers have also requested that a special committee be created with representatives from the builders, buyers, lenders, construction companies and any other stakeholder in the project. The buyers have also harped on the need for an escrow account to protect any future fund that the buyers would make towards the builder for completion of the project.
"The letter was sent to represent the buyers in the NCLT proceedings as directed by the Supreme Court. This is an intervention application sent to the IRP through the legal firm representing us in the case," Krishan Mitroo, a buyer stated.
"The buyers have made a few valid points through the intervention that their investments should be protected, their houses should be handed over without delay and they should be compensated for the delay in delivery through interests," Pramod Kumar, a Wish Town buyer, said.
The Supreme Court in a recent hearing has asked the builder to deposite Rs2000 crore in lieu of completion of the project, by October 27.
