Supreme Court wants Central government to shield home buyers interests'

The Supreme Court’s suggestions come during a hearing of Jaypee case in which lakhs of home buyers are affected.

Published: 10th July 2019 08:45 AM  |   Last Updated: 10th July 2019 08:45 AM   |  A+A-

Jaypee home buyers have no option but to protest for their rights.

Jaypee home buyers have no option but to protest for their rights.

By Express News Service

NEW DELHI:  The Supreme Court on Tuesday asked the central government to come up with a solution to protect the interests of lakhs of home buyers, who were yet to get their flats even after paying money to builders.“We want suggestions from the Union of India which could be uniform for all such cases.

"This issue will be bothering lakhs of home buyers. Within the Insolvency and Bankruptcy Code (IBC), we cannot do anything. But outside it, you (the Centre) can suggest something.

"We can consider that,” a bench comprising Justices A M Khanwilkar and Dinesh Maheswari said, while hearing a plea which sought that Jaypee Infratech Ltd (JIL) be not liquidated as it would cause irreparable loss to thousands of home buyers. 

ALSO READ: Supreme Court directs Central government to submit Unitech completion plan

Appearing for the Centre, Additional Solicitor General Madhavi Divan said the proper authority to respond to the plea would be the resolution professional or the bank concerned.
“Policy issue has to be resolved by the Union of India,” the bench said, and posted the matter for hearing on July 11.

Last year, the apex court had ordered re-commencement of the resolution process against JIL and barred the firm, its holding company and promoters from participating in the fresh bidding process.

It had also allowed the Reserve Bank of India to direct banks to initiate corporate insolvency resolution proceedings against Jaiprakash Associates Ltd (JAL), the holding company of JIL, under the IBC.

The fresh plea urged the top court for a direction that an “independent and thorough forensic audit” of JIL should be conducted from the date of its incorporation.

Seeking forensic audit of JIL, the plea alleged that diversion of funds in the case is on an even larger scale than that of projects developed by the Amrapali Group of Companies.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp