SC asks Centre to come out with uniform proposal to address home-buyers’ concerns


PTI, Jul 9, 2019, 5:17 PM IST

New Delhi: The Supreme Court on Tuesday asked the Centre to come out with a “uniform” proposal for all cases to resolve the difficulties being faced by lakhs of homebuyers who have not yet got possession of flats despite paying huge amounts of money to real estate builders.

The apex court, which was hearing a homebuyers matter related to Jaypee Infratech Ltd, said the issue concerns lakhs of flat buyers and the Centre should give a proposal to resolve it.

“We want suggestions from the Union of India which could be uniform for all such cases,” a bench comprising justices A M Khanwilkar and Dinesh Maheshwari said.

“This issue will be bothering lakhs of homebuyers. Within the IBC (Insolvency and Bankruptcy Code), we cannot do anything. But outside it, you (Centre) can suggest something. We can consider that,” the bench told Additional Solicitor General (ASG+) Madhavi Divan, who was appearing for the Centre.

The ASG told the court that proper authority to respond to the plea would be the resolution professional or the bank concerned.

“Can some other arrangement be suggested by the Union of India without disturbing the ongoing process?,” the bench asked, adding, “We are keen to know whether you have something to suggest”.

“Policy issue has to be resolved by the Union of India,” the bench said and posted the matter for hearing on July 11.

The apex court had on August 9 last year ordered re-commencement of the resolution process against JIL and barred the firm, its holding company and promoters from participating in the fresh bidding process.

It had also allowed the Reserve Bank of India to direct banks to initiate corporate insolvency resolution proceedings (CIRP) against Jaiprakash Associates Ltd (JAL), the holding company of JIL, under the IBC.

It had said there was “no manner of doubt” that JAL and JIL lacked financial capacity and resources to complete unfinished housing projects in which over 21,000 home buyers had not been given the possession of their flats till then.

The fresh plea filed in the top court has sought a direction that an “independent and thorough forensic audit” of JIL should be conducted from the date of its incorporation.

Referring to the apex court’s last year order, the plea has said, “The court had made a conscious effort to avoid liquidation of Jaypee Infratech Limited. However, the events as have unfolded subsequent to the passing of the judgment have frustrated the efforts as made by the court.”

As per apex court’s direction, the 270 days for completion of CIRP have concluded on May 6, it has said.

“Till date only two serious bids have been received by the Committee of Creditors. One bid has been submitted by National Buildings Construction Corporation Limited, whereas the other has been submitted by Suraksha ARC. None of the said bids have been accepted by the Committee of Creditors till date,” the plea has said, claiming that “threat” of JIL going into liquidation is “turning into a reality with each passing day”.

It said if no resolution plan is accepted till May 6, JIL would “automatically go into liquidation”, leaving thousands of home buyers without any remedy.

Seeking forensic audit of JIL, the plea alleged that “diversion of funds in the present case is on an even larger scale than that of projects developed by Amrapali Group of Companies”.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

World Bunts Summit to be held in Mumbai on December 7

SC dismisses PIL seeking CBI probe into Tirupati laddus row

Salman Khan gets another threat; message sent to Mumbai traffic police helpline

SC overrules 1967 verdict holding AMU can’t be minority institution

BJP MP Tejasvi Surya, editors of Kannada news portals booked for allegedly spreading fake news

Egg distribution scheme for school children under scrutiny over alleged mismanagement

India Post M’luru division to offer doorstep service to pensioners for Jeevan Praman certificate

Related Articles More

SC refuses to examine plea to appoint ‘yoga mitra’ instructors in schools

Maha Vikas Aghadi a vehicle sans wheels and brakes: PM Modi

LDF lodges complaint with EC, seeks probe into distribution of food kits in Wayanad

SC dismisses PIL seeking CBI probe into Tirupati laddus row

Salman Khan gets another threat; message sent to Mumbai traffic police helpline

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

World Bunts Summit to be held in Mumbai on December 7

SC refuses to examine plea to appoint ‘yoga mitra’ instructors in schools

Maha Vikas Aghadi a vehicle sans wheels and brakes: PM Modi

LDF lodges complaint with EC, seeks probe into distribution of food kits in Wayanad

SC dismisses PIL seeking CBI probe into Tirupati laddus row

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.