Jaypee can refund money to 350 buyers of Aman-III, Udaan and Yamuna Vihar, says YEIDA
The interim resolution professional agreed because Jaypee Infratech did not begin any development on the 3 projects and the Yamuna authority had promised buyers for refund.Updated: Aug 18, 2017 13:27 IST
The National Company Law Tribunal (NCLT) appointed interim resolution professional Anuj Jain has agreed to allow refund to 350 homebuyers, who invested into Jaypee Infratech’s three projects — Aman-III, Udaan and Jaypee Yamuna Vihar — located along 165 km Yamuna Expressway that connects Greater Noida with Agra.
The interim resolution professional (IRP) agreed because the builder did not begin any development on the three projects and the Yamuna Expressway industrial development authority (YEIDA) had promised buyers for refund.
“The homebuyers in three projects Jaypee Aman-III, Jaypee Udaan and Jaypee Yamuna Vihar need not worry as the IRP assured me that he will allow refund to buyers. The Jaypee Infratech will refund Rs15 crore to buyers in three instalments. The first instalment will be paid by October 2017. The other two instalments will be paid later,” said Arun Vir Singh, chief executive officer, YEIDA. The IRP had called on Singh on Wednesday in Greater Noida.
The IRP may also allow homebuyers to shift and execute registry of ready flats in Jaypee Infratech’s Aman in sector 151 and Wish Town in sector 128. The move will benefit 1,000 flat buyers, who have paid total flat cost and the homes are ready.
The Noida authority had in July issued occupancy certificate to nine towers — six in Aman and three in Wish Town — as these were ready. However, due to insolvency proceedings against the Jaypee Infratech buyers’ shifting and registry execution was stopped abruptly by IRP who took over control of the builder’s management on August 9.
Jaypee Aman flat buyers’ association president SK Nagrath took up the issue with IRP Anuj Jain on Wednesday. “He assured me of help. He is willing to allow registry and shifting because the authority had issued occupancy certificate in July before NCLT admitted insolvency plea,” said Nagrath.
First Published: Aug 18, 2017 13:27 IST