Millennium Post

Buyers protest against bankrupt Jaypee builders

Noida: Panicked over the bankruptcy of their builder, infuriated homebuyers of various residential projects of Jaypee Group across the twin cities of Noida and Greater Noida gathered at the builder's office in Sector-128 to stage a protest on Friday.
The protestors alleged that the builder cheated thousands of homebuyers. The agitated homebuyers reached the builder's office to meet the management and ask them when the possession of flats will be given. When they found no one present in the office to answer their questions, they resorted to raising slogans.
"I had booked my flat in Jaypee Crescent, worth Rs 70 lakh, in 2011. The builder promised to deliver the flat in 2015, but later delayed and promised to deliver the unit in 2021. But now that we have come to know about the bankruptcy of the builder, we don't see any hopes to get our homes soon" said Chandan Rajgadhia, a buyer.
The news that created a panic among the homebuyers came from the bench of Allahabad's National Company Law Tribunal (NCLT). The Bench, while accepting the petition of IDBI Bank, put Jaypee Infratech in the category of bankrupt companies.
The company is trapped in a debt of Rs 8,365 crore and has been given 270 days time to improve its financial condition. If the financial condition of the company doesn't improve, the properties will be seized.
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