Thanks to amendments in the insolvency law, homebuyers in Jaypee Infratech projects now get a 62.3% say in the committee of creditors, the panel that will take all crucial decisions, including selecting the new owners for the high-profile company with interests in real estate, hospital and an expressway.
The voting rights in the committee is based on the claims and Anuj Jain, the interim resolution professional, has informed the National Company Law Tribunal that the over 28,000 homebuyers accounted for more than majority of the decision-making powers in the panel that was set up on Wednesday. While the total claims have been estimated at Rs 26,259 cr, those who booked flats, plots and villas had principal and interest due of Rs 16,373 cr. IDBI Bank, with claims of Rs 4,334 crore, has the next highest vote share (16.5%), followed by IIFCL (3.9%) and SBI (2.9%).
A majority say, however, does not mean that homebuyers will be able to push through decisions that completely protect their interest. To begin with for a resolution to go through, 66% of the votes have to vote for it. And, it has to be an affirmative vote — which means that those who do not vote will be treated as negative voters.
Insolvency experts said that getting unanimity among homebuyers is a tough task given that they are split into several groups. “There are some who want the apartments that they had booked while there are others who are seeking a refund. Unless we are on the same page, getting a resolution passed will be a problem,” said a homebuyer.
Of the over 28,000 real estate unit holders, 24,300 are active allottees, while another 3,300 have been offered possession. There are 471, whose units have been cancelled and refunds are pending, Jain said in a letter to NCLT. So far, over 1,500 proof of claims have been received and the process of confirmation is pending for more than 25,000 Jaypee customers.