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Jaypee Wish Town homebuyers protest at the firm's office

The protesters want their money to be returned first as they fear that if the company is declared insolvent, their court cases will become ineffective and they will not get possession of their flats.

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Over 400 homebuyers demanding a refund of their investments in Noida
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After hundreds of angry home buyers of Jaypee Wish Town staged a protest in Noida, the Noida Authority on Saturday promised to protect the interests of the flat owners and said that a plan is being worked out.

The home buyers gathered at the company's office demanding a refund of their investments since the National Company Law Tribunal has admitted the insolvency petition filed by IDBI Bank against the debt-ridden Jaypee
Infratech.

The protesters want their money to be returned first as they fear that if the company is declared insolvent, their court cases will become ineffective and they will not get possession of their flats.

Over 400 people protested at the company's office, and personnel from several police stations were deployed to control them.

Meanwhile, Noida Authority CEO Amit Mohan Prasad said, "Hard-earned money of home buyers will not be allowed to go down the drain." Asserting that strict action will be taken against the defaulting developers, he said the Noida Authority is working on rescheduling the payment plan under which the builders will be directed to deposit the dues within a specified period. The Authority will then take over the unsold apartments and property of the builders and auction it to recover the dues, Prasad said.

He said the Authority has written to the Uttar Pradesh government seeking approval to take over possession of the unsold property and recover dues from its sale.

On the other hand, Union Consumer Affairs Minister Ram Vilas Paswan said in New Delhi that the government cannot take any direct action in the matter. "Buyers have to approach consumer courts for justice," he said.

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