The increasing insolvency proceedings against big builders at the National Company Law Tribunal (NCLT) have only mounted the troubles for the home buyers.
The hope of buyers, for whom everything is already at stake, is shattered as they know they will be the ultimate sufferers if the matter lingers on.
Amrapali, Jaypee Infratech, and Supertech have already been declared bankrupt by NCLT.
After the NCLT order, the people are registering their complaints with the Interim Resolution Professional (IRP) appointed on the project.
Currently, cases linked to more than 70 builders of western Uttar Pradesh — affecting over 50,000 flat buyers, are at NCLT, in which the tribunal has also appointed the IRP. Out of these 70 builders, over a dozen are from Greater Noida West.
There is an atmosphere of fear among these 50,000 buyers since the suit was filed in the NCLT.
Another big trouble for the buyers is that once the case of a builder is taken up at the NCLT, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) puts the hearing of buyers’ grievances on hold (until NCLT gives its judgment).
There are about 5,000 cases in which UP RERA has ordered refunds and even issued recovery certificates (RC) after the completion of the hearing, but the action against builders comes to halt once they file a lawsuit in NCLT.
The NCLT is holding proceedings against these projects:
Golf Green Avenue, Ridge Residency, Gardenia Gateway, Apex Misty Heights, AVS, Alstonia Apartments, Lord’s, Unnati Fortune World Phase-2, Phase-1, Iridia, Dwarka Heights, Victory Ace, Lotus Arena, Ryan, KVDW Park, Earth Town, Earth Techno, Earth Sphere Court, Lotus Zing Tower 3 to 14 Club & Commercial Build, Earth Titanium, Kings Park, Lotus Arena II, Green Avenue, Towers K&L (RG Luxury Homes), RG Square Phase-2 and Phase-1, Lotus City, Silver Homes, Pebble Court, Jaypee Greens, Red Apple Homes, Jaypee Greens Cube, Rohtas Platina and Casa Royale and Sanskriti.