SC directs Centre to take decision in favour of homebuyers in Jaypee case

The apex court, which was hearing a homebuyers matter related to Jaypee Infratech Ltd, said that the issue concerns lakhs of flat buyers and the Centre should give a proposal to resolve it by July 27.

New Delhi:The Supreme Court on Thursday asked the Centre to take a decision in favour of the homebuyers by July 27 and adjourned the hearing for August 1, if the centre fails to decide by then.

The bench comprising Justice AM Khanwilkar and Justice Dinesh Maheshwari which was hearing a homebuyers matter related to Jaypee Infratech Ltd, said the issue concerned lakhs of flat buyers and the Centre should give a proposal to resolve it.

The plea was filed by around 1000 homebuyers after National Company Law Appellate Tribunal (NCLAT) had allowed NBCC and creditor banks to thrash out the resolution plan to take over Jaypee Infratech on July 2.

The Centre said that it's already working in favour of the buyers. Homebuyers sought a swift resolution and cited a similar delay in Amrapali case.

On Wednesday, around 1000 homebuyers had moved to the Supreme Court and alleged that the decision of NCLAT was in violation of Insolvency and Bankruptcy Code(IBC) as 270 days time period had expired which was statutory to wrap up Corporate Insolvency Resolution Process.

They said that the tribunal extended the deadline violating the law. Proposal of NCLAT was also rejected by the committee of creditors.