Moved by the plight of homebuyers who have not been given possession of flats despite paying money to builders, the Supreme Court on Tuesday observed it wanted to help these investors get their flats or their money refunded.
A Bench headed by Chief Justice Dipak Misra said this while hearing a plea by over 40 homebuyers of Jaypee Wish Town project at Noida in Uttar Pradesh, who have challenged certain provisions of the Insolvency and Bankruptcy Code, 2016.
Insolvency proceedings
The apex court, however, said it does not want to have more litigations in such matters.
“We want to help the homebuyers but not litigation,” the Bench, also comprising Justices A. M. Khanwilkar and D. Y. Chandrachud, said.
“We want that homebuyers must get their flats or their money,” the court added.
The Bench told petitioner’s counsel Rashid Saeed that it has already appointed senior advocate Shekhar Naphade as an amicus curiae in the matter pertaining to the insolvency proceedings against real estate major Jaypee Infratech Ltd.
It asked Mr. Saeed to file an application for impleadment as a party in the pending insolvency proceedings matter.
The petitioner’s counsel said the homebuyers had booked the flats in 2013 and were scheduled to get possession last year.
