Noida: IRP to seek 30-day extension from SC for Jaypee Wish Town proposals

NOIDA: The interim resolution professional (IRP) holding charge of Jaypee Infratech Limited (JIL) has decided to seek an extension of 30 days beyond the 45 days given by the Supreme Court to the National Company Law Tribunal (NCLT) to select a construction company that will complete 19,500 much-delayed flats at Jaypee’s Wish Town project.

In an email, the IRP has sought permission of homebuyers before he files a petition in the Supreme Court.

The court had given the IRP 45 days for fresh proposals from the two resolution applicants (RA) – state-run construction company NBCC and Suraksha.

While both RAs submitted their proposals, the IRP has noted that neither complies with the norms set by the Insolvency & Bankruptcy Code (IBC) for the resolution.

They have been asked to make changes in their proposals.

In the letter sent by IRP Anuj Jain to buyers’ representative Kuldeep Verma and marked to all stakeholders of the committee of creditors (CoC), he has cited the following reasons for seeking time extension: “IDBI and other members of CoC will need some time for their approval on resolution plans, homebuyers are yet to comment on the proposals of Suraksha and NBCC, revised plans will have to be submitted by Suraksha and NBCC after taking in suggestions of stakeholders, (and) after new plans come, voting lines will need to be opened for 4-5 days as a large number of voters who will select the best plan.”

Delay in timelines because of the pandemic will also have to be considered, the IRP wrote.

In a call with the IRP on Tuesday, homebuyers said they will agree to an extension only on the condition that the resolution applicants submit bona fide proposals and do not delay the resolution in all earnestness.

“We seek full earnestness from NBCC and Suraksha at this time because we have already lost enough time. These delays cannot once again snowball into a series of date extensions as we have witnessed in the JIL resolution so far,” said Ashish Mohan Gupta, a buyer.