Above: Homebuyers of Jaypee Infratech protesting in Noida

The Supreme Court assured the homebuyers affected by Jaypee Infratech’s inability to offer them possession of flats that their interest is paramount in the eyes of the Court. The Court was on Monday (September 18) hearing a plea from an association of 200 homebuyers against a provision of the Insolvency and Bankruptcy Code 2016. The rule bars them from approaching consumer courts for seeking redressal during the time the bankruptcy proceedings against Jaypee Infratech was on.

The court observed that no stone would be left unturned to ensure that homebuyers’ interest is served. If required, the Jaypee Infratech could be asked to deposit another Rs 10,000 to Rs 15,000 crores, it said.

However, Chief Justice of India Dipak Misra, the head of three-judge bench hearing the matter, pointed out that the apex court will have to wait and see the outcome of its previous order. In its last order on September 11, the court had asked the parent company of Jaypee Infratech to deposit Rs 2,000 crore by October 27. It had also ordered the Interim Resolution Professional to take over the reins of the company and come up with a resolution plan for the time being, within the next 45 days, that would suit all parties.

The court refused to take up any more petitions from other homebuyer groups. Let them approach the court only on the issue related to Rs 2,000 crore that Jaypee Infratech is supposed to pay if they wanted, the court observed. They were allowed to withdraw their current petitions.

—India Legal Bureau