A group of homebuyers of Jaypee Infrastructure have urged the banks such as HDFC, ICICI and Axis bank for moratorium on EMIs for home loans granted in relation to projects of Jaypee.
In a letter to the banks, the homebuyers have requested the banks to keep EMIs in abeyance and not to charge penal interest on the unpaid EMIs till there is some clarity on the issue of possession/refund with regard to the Jaypee projects. “Kindly do no treat the non-payments as defaults but only a necessary outcome of the peculiar circumstances and the present scenario,” the letter said.
In August, with an order being passed by the Allahabad bench of NCLT, a liquidation process against Jaypee Infratech was initiated under the Insolvency and Bankruptcy Code of India (IBC), 2016. Jaypee Infratech defaulted on `526.11 crore of loans outstanding to IDBI Bank. Nearly 32,000 homebuyers in the firm’s projects filed a lawsuit, saying the loan recovery proceedings threatened to leave them without homes or compensation, prompting the Supreme Court to halt the case on September 4.
The court also asked interim resolution professional Anuj Jain to take over management of the firm and submit an interim resolution plan that took into account the interest of homebuyers. Under the subvention home loan schemes, the banks had informed the homebuyers that the repayment of home loans in the form of EMIs would start at a date close to possession.
