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Supreme Court to hear PIL on NCLT’s insolvency order against Jaypee Infratech

The Supreme Court Agreed To Hear On Thursday A Public Interest Litigation On Behalf Of Nearly 32,000 Home Buyers Whose Investments In Housing Projects In Noida And The National Capital Region (NCR) Being Developed By Jaypee Infratech

News Nation Bureau | Edited By : Gautam Lalotra | Updated on: 24 Aug 2017, 11:44:46 AM

New Delhi:

The Supreme Court agreed to hear on Thursday a Public Interest Litigation on behalf of nearly 32,000 home buyers whose investments in housing projects in Noida and the National Capital Region (NCR) being developed by Jaypee Infratech lie in thin air after the National Company Law Tribunal (NCLT) initiated insolvency proceedings against it.

Appearing for the PIL petitioners on Wednesday, senior advocate Ajit K Sinha informed a bench of Chief Justice J S Khehar and Justice D Y Chandrachud that after initiation of insolvency proceedings, the corporate affairs ministry has asked home buyers to sign a specified form under Section 14 of the Insolvency and Bankruptcy Code, 2016, by Thursday.

Challenging the provision of the 2016 bankruptcy procedure, Sinha said once home buyers signed these forms, it would debar them from initiating proceedings in consumer forums to recover their money for deficiency in service by Jaypee Infratech, which is constructing the huge township 'Jaypee Wish Town' in Noida among other housing projects in the NCR.

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First Published : 24 Aug 2017, 11:44:46 AM

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