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Government approved resolution plan for Jaypee homebuyers soon; NBCC to build the project

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In a fresh ray of hope for thousands of stuck Jaypee home buyers, government sources indicated that soon, a government-approved resolution plan will be submitted to the Supreme Court and government-owned NBCC will build the project.

Government approved resolution plan for Jaypee homebuyers soon; NBCC to build the project
In a fresh ray of hope for thousands of stuck Jaypee home buyers, government sources indicated that soon, a government-approved resolution plan will be submitted to the Supreme Court and state-run NBCC will build the project. “After seeing that it is becoming tough to find a suitable bidder, the government has yet again stepped in to facilitate a robust resolution for Jaypee home-buyers,” a senior government official told CNBC-TV18.
Prime minister’s office (PMO), finance ministry, ministry of corporate affairs and ministry of housing and urban affairs have together asked NBCC to put out a fresh resolution proposal to the Supreme Court soon, the official added, saying the proposal was again approved by PMO and Finance ministry.
Interestingly, during the last apex court proceedings, the Jaypee Group had told the court that it should also be given a chance to revive Jaypee Infratech and was willing to pay back its banks. It also promised to complete all the 27 projects within three years.
The court, however, said it would first look at what NBCC had to offer and may then look at Jaypee’s fresh proposal.
Government official quoted above says, "The government is clear that NBCC will build the project to give relief to home-buyers with all government backing."
Adani group had also in the past also shown interest in completing stuck Jaypee project but it never made a formal proposal.
A group of homebuyers moved the apex court in 2017, saying around 23,000 people had booked flats and were paying installments, but their homes were not ready.

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