Braving heavy showers, hundreds of home buyers who had invested in the Wish Town project — being developed by the Jaypee Group — protested against the builder in the Capital on Saturday. The aggrieved buyers demonstrated at Jantar Mantar demanding immediate action, including the government’s intervention, in the matter.
“We want possession of our homes. If not Jaypee, there should at least be some kind of assistance from either Mr. Narendra Modi or Mr. Yogi Adityanath,” said Varun, one of the buyers who had booked a flat in 2010 and has lost close to ₹50 lakh in the project.
Apart from raising slogans against the Jaypee Group, the protesters also criticised both the Centre as well as the Yogi Adityanath government.
‘Creating confusion’
Accusing the Jaypee Group of “creating confusion” amongst the buyers, Mr. Varun added, “Both Jayprakash Associates Limited (JAL) and Jaypee Infratech Limited (JIL) are equally responsible as the provisional allotment letter has been provided by JAL with JIL being the conforming party. So there is no question of the responsibility lying with one of the two branches.”
Mohona Lal, another buyer, said: “We have invested all our savings in the project. The parent company has been siphoning off our money to other accounts. It is important that the corporate veil is lifted as both JAL and JIL are ultimately the same company.”
Expressing discontent over the Jaypee group’s actions, Debashis Chakraborty, another buyer who had booked a flat in 2012 said, “It is a big monetary loss for us. We definitely feel betrayed by the Jaypee Group. After having paid ₹60 lakh, I do not think I deserve this. We are hoping that the buyer’s interests will be protected by whatever decision is taken by the National Company Law Tribunal (NCLT).”
‘Law is flawed’
“We have waited for almost over a decade. Now we are not only losing property but also all our hard earned money. There are a lot of senior citizens who had booked flats thinking they will have a roof over their heads post retirement. Now they are left without any fall back mechanisms,” said Aashish Panchal.
Demanding a representation in the committee of creditors, Mr. Pamchal added, “The law is flawed. All the big lendors and financial institutions are included in the committee but there is no scope for the buyers’ representation. Buyers are put under the category of unsecured creditors despite having invested the maximum and having the highest stakes.”
A series of protests erupted after the Allahabad Bench of NCLT admitted an insolvency plea from the bank which had given a loan to the builders.
