A source close to the insolvency professional said, “In the next one month 1,000 more houses will be ready for possession.” In Jaypee Infratech’s case, a second term of 180 days was given to find a resolution plan.
Till August, a total of 3,400 houses were ready for possession. When the company went in for insolvency last year, 28,000 homebuyers were left in the lurch.
Recently, the Supreme Court ordered that the insolvency case against Jaypee be returned to the NCLT and the entire process, including asset bidding, should be restarted. This follows the amendment to the IBC in June, bringing homebuyers on a par with financial creditors.
Source: Business Standards, December 24, 2018