Jaypee Infratech's customers write to IRP to protect home buyers' interest
Home buyers have also questioned the criteria adopted for evaluating various bidders interested in debt-resolution of Jaypee Infratech, saying that it is "arbitrary and highly skewed in favour of financial creditors". Crisis-hit Jaypee group firm Jaypee Infratech is facing insolvency proceedings after it defaulted on loan repayments. The National Company Law Tribunal (NCLT) had last year admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code
Jaypee Infratech is developing about 32,000 flats in Noida and Greater Noida region and out of that it has so far delivered 9,500 apartments. Image source: Reuters