SC to hear pleas of Jaypee home buyers tomorrow

The pleas of customers who had booked homes in the projects of Jaypee Infratech will be heard by the apex court on Thursday. Insolvency proceedings have started against Jaypee Infratech and a bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud said it will hear the pleas of those flat buyers who have alleged that they will neither get a home nor a refund of their hard-earned money on account of being unsecured creditors.
 
Hundreds of home buyers have been left in the lurch after the National Company Law Tribunal (NCLT), on August 10, admitted IDBI Bank’s plea for initiating insolvency proceedings against the debt-ridden realty company for defaulting on a loan of Rs 526 crores.
 
Meanwhile, the stock of Jaypee Infratech breached the lower circuit at Rs 13.85 per share, down by Rs 0.70 or 4.81% as at 1245 hours on Wednesday, on the BSE. The stock has been breaching the lower circuit from the past five consecutive trading sessions. It attracted a traded volume of 19,94,672 shares and traded value of Rs 279.45 lakhs on the NSE.