Centre is working on proposal to end home buyer's complaints: GoI told SC

|



New Delhi: The Centre is working on a “uniform proposal” to address the complaints of homebuyers who are yet to get possession of their flats from real estate companies, most of which are facing insolvency proceedings, the government told the Supreme Court on Thursday.

The government informed the court about the proposal when it was hearing a fresh petition filed by homebuyers against Jaypee Infratech Limited. The fresh plea has been filed to stop the liquidation of Jaypee Infratech. The deadline to wrap up the insolvency proceedings against the company has lapsed, and according to law, it has to be liquidated.

A bench led by Justice AM Khanwilkar said the top court will not hesitate in invoking its powers under the Constitution to protect the interest of over 20,000 home buyers if the National Company Law Appellate Tribunal (NCLAT) is unable to address their grievances.

The bench asked the contestants before NCLAT try to reach common ground for arriving at a decision. It was also informed that the tribunal will hear the matter on July 17 and a fresh proposal would be placed before it by state-owned builder NBCC. (India) Ltd The court said it would await a decision by NCLAT and fixed July 18 to hear the matter.

Additional solicitor general Madhvi Diwan, appearing for the Centre, said the government was working on a uniform proposal to address various grievances of aggrieved home buyers and it will be submitted in the pending Unitech homebuyers case by July 23. She said she was told about the proposal by government officials.

Counsel appearing for the homebuyers said they were concerned that Jaypee Infratech may be sent for liquidation, which could hamper their interests. The court assured him that it would ensure the interests of homebuyers are protected. The counsel then told the court that the government had recently indicated it may take over the stalled projects and said similar relief can be granted to the home buyers in Jaypee’s case.

SC had on July 9 asked the Centre to come out with a “uniform” proposal for all cases to resolve the difficulties being faced by hundreds of thousands of homebuyers who have not yet received possession of their flats despite paying huge amounts to real estate builders.

“This issue will be bothering lakhs of home buyers. Within the IBC (Insolvency and Bankruptcy Code), we cannot do anything. But outside it, you (Centre) can suggest something. We can consider that,” the court had said.

अन्य खबरें