Jaypee buyers seek details of IRP before voting

Noida: Representatives from each of the nine associations of of Wish Town projects are likely to meet the interim resolution professional for the bankruptcy-hit Jaypee Infratech, Anuj Jain, at the company’s Sector 128 office on Tuesday.
The homebuyers from various projects raised concern over the rate of interest of 8% allocated to the homebuyers in waiting as compared to the 18% interest that has been earmarked for the banks.

“We have been asking for a meeting with the IRP and initially we were told to come on Wednesday. However, we are most likely to meet him on Tuesday itself. We want clarity on our status as creditors– whether we are secured or unsecured. Second, we want to know about the three candidates who have been shortlisted to represent us. How can buyers be equipped to vote for an IRP when we do not know anything about them?” Pramod Kumar, a buyer, said.

The buyers have been asked to log on to the official website of Jaypee Infratech and cast their vote for one among three IRPs who is expected to represent their issues with the committee of creditors. The three names proposed are Sanjay Gupta, Kuldeep Verma and Pankaj Khaitan. The nominations have to be completed by August 28. The rest of the details about the dues accrued to the buyers has been enlisted on the website from the previous proceedings of the interim resolution.

The first round of insolvency resolution against Jaypee commenced on August 9, 2017. With no conclusion drawn on completion of projects, the resolution process has been re-initiated by the Supreme Court from this month once again which could again run a new resolution cycle spanning nine months.

During the initial resolution process, 12,000 buyers had filled forms to claim their stake in the apartments at Wish Town. Of the 32,000 apartments, the company claims to have handed over 7,000. Jaypee had deposited Rs 760 crore with the Supreme Court during the hearing of its ongoing case.

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