Source : Economic Times Buyers of Jaypee Wish Town have started an online petition directed to the management of the Industrial Development Bank of India (IDBI), seeking amnesty for Jaypee Infratech from an impending declaration of bankruptcy. The appeal harps that invested buyers should not have to bear the brunt of Jaypee's financial situation.
The campaign, floated on online platform Change.org has been started following a directive from the Reserve Bank of India in June to all lending banks to Jaypee group to file an application under insolvency and bankruptcy code (IBC) with the National Company Law Tribunal. The push came from the apex bank after several lenders to Jaypee flagged its debts as non-performing assets or bad debts. So far 1265 Wish Town buyers have signed it. The campaign has been undersigned by Arvind Jain, president of Developers Township Property Owners Welfare Society, the apex association for all buyers of Jaypee Wishtown apartments. The appeal has been marked to Mukesh Kumar Jain, MD and CEO, IDBI Bank. The appeal is titled: "Save 25000 buyers of Jaypee by preventing them from filing bankruptcy." "We were told that the construction at Wishtown is in process. We are informed that the builder has procured Rs1800 crore as working capital for the completion of the project. Now if the builder is declared insolvent, all of us are going to sink in this financial disaster," Arvind Jain told TOI. Article taken from Economic times