Jaypee says sorry to homebuyers

Noida (UP), April 19 

In a fresh attempt to retain control over its realty arm Jaypee Infratech, crisis-hit Jaypee Group’s promoters today apologised to thousands of distressed home buyers and promised to infuse Rs 2,000 crore to complete pending apartments over the next four years. 

This proposal was made to home buyers at a meeting called by Jaypee Group chairman Manoj Gaur as part of efforts to seek flat owners’ support for resolving the crisis and delivering the pending 20,524 units. 

Jaypee Group founder Jaiprakash Gaur was also present at the meeting, which was attended by over 1,000 buyers, while around dozen flat owners boycotted the meet and staged protest at the venue — Jaypee Instutute of Information Technology — here. 

Jaypee Infratech, a subsidiary of Jaypee group flagship firm Jaiprakash Associates Ltd (JAL), is undergoing an insolvency proceedings. State-owned NBCC and Suraksha group are in race to acquire Jaypee Infratech. JAL has also submitted its plan but the same is not being considered by lenders at this stage. The Jaypee Group said it will put in Rs 1,500 crore in an escrow account and also attach a 100-acre land parcel worth Rs 500 crore to deliver these flats within four years. — PTI

Company undergoing insolvency proceedings

• Around 22,000 homebuyers are stuck because of significant delay in delivery of flats by Jaypee Group’s debt-ridden firm Jaypee Infratech, which is undergoing insolvency proceedings
• State-owned NBCC and Mumbai-based Suraksha group are in race to acquire bankrupt Jaypee Infratech
• Jaypee Group, too, has submitted its resolution plan but the same is not being considered by the lenders at this stage