Union Finance Minister Arun Jaitley on Wednesday said the government had full sympathy with the agitating Noida home buyers who, he said, can seek relief under the insolvency law.
Observing that all those who paid money to developers should get their flats, Mr. Jaitley said “our full sympathy” was with the aggrieved home buyers.
Insolvency proceedings
The Union Minister added that there was a provision for running a company under insolvency proceedings.
“Those who are aggrieved can get remedy under this law [the Insolvency and Bankruptcy Code]. If there is any such move, the government’s full sympathy is with those who have paid money and have rights on the flats,” the Minister said replying to a question on problems faced by the Noida home buyers at a post-Cabinet briefing.
Jaypee Infratech, part of the debt-ridden Jaypee group, has defaulted on a loan worth ₹526.11 crore to IDBI. The company, which is into road construction and real estate, has constructed the Yamuna Expressway that connects Delhi and Agra.
