New Delhi: For over 10 years, more than 20,000 middle class families have been waiting anxiously to get possession of their dream flats for which they invested whopping amounts ranging from Rs 50 lakh and above.
This is the tragic story of those who gave their hard-earned money and life-earnings to the Jaypee company, in lieu of the promise that the company would build and deliver flats to them in Noida, on the outskirts of Delhi.
Many took huge loans to pay Jaypee, which failed to deliver the promised flats by not completing the construction and leaving the projects midway.
While the cheated homebuyers keep waiting for their flats, Jaypee Group has built Hotels, a Hospital and a school but expressed inability to complete the housing projects for which it collected huge amounts of money, according to an aggrieved homebuyer.
Now, for years, the homebuyers have been looking up to the Judiciary for relief, which they will get after getting possession of the flats.
However, adding to the tragedy of these homebuyers is the pace at which the judiciary has been dealing with this extremely humanitarian issue concerning possibly around 1 lakh people.
The matter is currently before the National Company Law Tribunal (NCLT).
In November last year, the Supreme Court had asked the NCLT to decide on the matter of Resolution Plan in 3 months.
This had raised hopes among the homebuyers about early relief.
But since then, it has been several months and the aggrieved homebuyers are still waiting for the NCLT to approve the Resolution Plan under which another real estate company Suraksha Group will be completing the housing projects.
The Suraksha Group won the bid to complete the housing projects months back but it can’t go ahead till the NCLT approves.
The matter, which has seen several hearings in the NCLT, is again coming up before the Tribunal on August 3 (day after tomorrow) and homebuyers, as well as Suraksha Group, are keenly waiting for the positive news.
“We, Suraksha Group, have complete faith in our Judiciary and we believe that the matter will be decided at the earliest by Hon’ble NCLT in the best interest of homebuyers,” it said.
The company sought to assure the homebuyers that it was serious and committed towards implementation of its resolution plan.
“I wish to inform you that we are very serious, committed and extremely keen to implement our resolution plan as we were then at the time of approval of our plan by the Committee of Creditors,” the Suraksha Group said.
“We wish to inform you that we have already invested substantial time, energy and resources as per the requirements of this stage pursuant to the approval of our plan by the Committee of Creditors,” it said in its communication to the homebuyers.
“We again reiterate that we are fully serious, committed and extremely keen to implement our resolution plan and are eagerly waiting for approval of our plan by Hon’ble NCLT,” it added.
