Jaypee home buyers feel legal battle has become an unending story

NEW DELHI: Jaypee homebuyers once again seem to be in limbo as on May 24 the Committee of Creditors (COC) have decided to defer the voting process on Suraksha group’s bid whereas State-owned NBCC’s bid was rejected too for being non-compliant despite its assurance that, the bid it made was fully compliant as per the insolvency laws.

Now two days voting process on May 27 and 28 will further lay the ground to decide whether additional time should be given to NBCC and Suraksha to submit their final bids.

However, waiting for their homes for more than a decade, Jaypee homebuyers once again stuck in another legal process which might further delay the delivery of their flats. For them it is another legal battle and they feel that the process will only delay the completion and delivery of their flats.

Sanjeev Sahani, a Jaypee homebuyer, says, “It is too much of complications that is gong on right now. This legal battle has become an unending story for us. We had 45 days to complete the process and another 30 days were sought as an extension for which the approval still has not been received because we have not been heard by the Supreme Court yet. It has become a big joke that we are not able to adhere to the Supreme Court’s guidelines and the COC is keep on extending this process for one reason or the other. As a homebuyer, there is a lot of frustration and loss of money every single day we are incurring and losing the deadline for the process to end. If this process was completed two years back we would have got our homes by now.”

Both the bidders in the fray now are trying their best to lure the buyers with best deals but non-compliance and approval issues not clearing way for the projects to get completed and delivered to buyers. In fact, Jaypee homebuyers also held a virtual discussion recently with NBCC and the company assured homebuyers that they would deliver 70% units in 30 months once the resolution plan is cleared. However, some buyers feel that NBCC has been given many chances but why it is not able to submit a legally compliant bid is beyond their understanding.

Sahani further adds, “Both the NBCC and Suraksha are trying to woo homebuyers with their deals and asking them to support their bids. However, NBCC has been given about 45 days and then another 30 days for submit a bid but despite four chances it failed to do so. They should have been good enough to submit a compliant bid as they are part of this process for the past two years and they are very thorough with the IBC law as well. Every time there is a delay and if they are not able to adhere to the Supreme Court’s timelines then we have questions in our minds.”

Considering the buyers’ apprehension, NBCC is constantly in touch with buyers and proposed to set up a single-window redressal system to help resolve their grievances. This is the fourth round of the bidding process in the JIL bankruptcy case. The Supreme Court, in March this year, ordered that bids be called only from NBCC and Suraksha group.

Another Jaypee buyer, SK Suri, explains, “In the two days voting process, homebuyers will vote and take a call on whether more time to be given to the two bidders. Post this, there will be a discussion on the result and then it has to be approved by the IRP who will seek approval for the same and then the successful bid be considered as approved. NBCC has already said that their bid is compliant and promised to correct any other loopholes in their submission. Currently there is no construction going on the projects, I feel it wont start any time soon considering the legal complications now. We only want our homes on time, whoever completes our homes and gives us the delivery will get our backing. Homebuyers are ready to support whichever bid the banks will support as they are key stakeholders in this case.”

Homebuyers feel that this case take new turns every time there is any hope to complete the legal process and a bid appears to reach the final stage. Considering the situation now, it seems buyers have no option but to keep pursuing their case and hope for their flats to be completed without further delay.