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Jaypee case- Home buyers relief precedent set
Jaype Infratech is one of the biggest builders in the NCR region and a better known name across the country as well.
Brief Facts of the case-
The Allahabad National Company Law Tribunal recently decided on a matter which was an appealed by a certain group of aggrieved parties/ home buyers to the Supreme Court.
A Public Interest Litigation was also filed with similar grievances to the Supreme Court.
Main Issue of the case-
Whether a home buyer can be a rightful creditor to a company, in case the company has gone into winding up proceedings and its assets and liabilities are being appropriated.
This question stems from the Insolvency law
1. Insolvency laws do not specifically include a home buyer who has been aggrieved as a creditor of the developer comoany.
2. Hence if the Developer Company goes into insolvency proceedings,
3. The aggrieved home buyer is left remedy less.
4. Insolvency laws state the repayment of creditors hierarchy –
a. Firstly the secured creditors – banks, financial institutions.
b. Then Government and statutory dues have to be paid.
Decision of the Supreme Court-
1. Yes, the home buyers should fall under certain category of creditors.
2. The home buyers cannot be left remedy less.
3. In cases where a developer due to personal mismanagement or other reasons not having to do anything with the home buyers gets into an insolvency proceeding the home buyer is treated as one of the creditors and has to get their rightful dues from the company.
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