This was a well-thought scam: Buyers on Jaypee

Noida (Uttar Pradesh) [India], August 12 (ANI): Two days into the protest, homebuyers say that the whole situation was a well-planned scam after the Allahabad bench of the National Company Law Tribunal (NCLT) admitted IDBI Bank's insolvency plea against Jaypee Infratech.

The protesting buyers gathered outside its Sector 128 office and shouted slogans.

Pramod Kumar, one of the buyers from Jaypee Group said, "Jayppe Industries from the Jaypee group bought land from the government. They launched the project with the name of Jay Prakash Associates. But we were made to pay to Jaypee Infratech. We can't take our claims anywhere now. This is a scam."

The buyers also said that the government must take responsibility for these things.

"Previous governments in Uttar Pradesh sheltered Jaypee Infratech and did nothing to prevent innocent homebuyers from falling into the trap of this realty firm. We have suffered for last 6-7 years, as the builder failed to deliver the projects as per schedule. And now, the insolvency plea has only made things more uncertain for us," another buyer said.

IDBI filed an insolvency plea in the tribunal after Jaypee Infratech defaulted on a loan of around Rs. 8,500 crore. Although the company had claimed that it held adequate assets to repay the loan, IDBI went ahead and filed the plea. (ANI)

This story has not been edited. It has been published as provided by ANI