Source: PTI
Source: PTI


Jaypee Insolvency Triggers Protest By Home Buyers

Team Republic |

A day after the Allahabad bench of the National Company Law Tribunal (NCLT) admitted IDBI Bank’s insolvency plea against Jaypee Infratech, home buyers staged a protest outside Jaypee Group’s Sector 128 office.

As hundreds of angry home buyers of Jaypee Wish Town staged a protest, the Noida Authority has promised to protect the interests of the flat owners, saying a plan is being worked out in this regard.

The protestors demanded that their money be returned first as they fear that if the company is declared insolvent, all their court cases will become ineffective and they will not be able to get possession of their flats and lose their hard-earned money.

As the protest intensified and around 4,000 buyers had gathered in front of Jaypee Group's office raising slogans, the company's managing director Manoj Gaur tried to calm them. Gaur’s attempts to pacify the buyers failed. Noida MLA Pankaj Singh also reached the protest site to pacify the protesters.

“I have communicated buyers’ issues to state government. The government is committed to ensuring justice to buyers,” Pankaj Singh said.

Following that Singh spoke to UP Chief Miniter Yogi Adityanath. All the 3 CEO's of the Jaypee Group have been summoned, and the Chief Minister has ordered the Chief Secretary to sort out the situation as soon as possible.