No faith in JAL, homebuyers against liquidation

Aggrieved home buyers of Jaypee Infratech's (JIL) residential projects held a press conference on Monday, where they opposed to the liquidation of the company or its acquisition by Jaiprakash Associates (JAL), as the latter failed to deliver flats to several buyers and it is likely to become insolvent soon. On Sunday, the home buyers also held a candle-light protest in Jaypee WishTown, Noida, to highlight their demands. Realty Plus talked to Aditya Gungutiya, one of the aggrieved home buyer, according to him, "The JAL should not be allowed to regain control of JIL as JAL has huge liabilities of Rs 37,000 crore with various banks and JAL has defaulted on its various loans and is on the verge of insolvency.” “The banks and JAL are acting in collusion for the last seven to eight years with a view to defeat the interests of the home buyers,” said, SK Suri, an aggrieved home buyer. Last Friday, Jaiprakash Associates had asked the Supreme Court to consider its resolution plan for revival of Jaypee Infratech, which the home buyers are opposed to. The next date of hearing has been fixed May 16.