New Delhi: The Centre told the Supreme Court on Thursday that it is working on a "uniform proposal" to address the grievances of homebuyers who are left in the lurch by erring realtors after having paid their hard earned money. The top court observed that it may use its plenary power under Article 142 of the Constitution to protect the interest of over 21,000 home buyers in the Jaypee Infratech case, if their grievances are not addressed.
It asked the contesting parties before the National Company Law Appellate Tribunal (NCLAT) to try to reach a common ground for arriving at a decision.
A bench of Justices A M Khanwilkar and Dinesh Maheshwari deferred the hearing for July 18, after the Centre told the court that NCLAT will hear the matter on July 17.
Additional Solicitor General Madhvi Diwan, appearing for the Centre, informed the court that hearing before the NCLAT is scheduled for July 17 and it would be better to await its outcome.
She said that the Centre is working on a uniform proposal to address various grievances of aggrieved home buyers and it will be submitted in the pending Unitech home buyers case by July 23, as per the direction of the top court in that matter.
Ms Diwan said that ministry officials have informed her that they are working on a uniform proposal which would take care of various issues of the home buyers. The counsel appearing for the home buyers said they have an apprehension that Jaypee Infratech Ltd (JIL) may be sent for liquidation which could hamper their interest.
To this, the bench said that even if NCLAT sends the company for liquidation, the top court has enough plenary powers under Article 142 of the Constitution to protect the interest of home buyers.
The counsel then referred to the Unitech homebuyers case where the government recently indicated that it may take over the stalled projects and said that similar relief can be granted to the home buyers in Jaypee case.
To this, the bench said that any new revised or fresh proposal if made by the parties can come up before the NCLAT.
The top court had on July 9 asked the Centre to come out with a "uniform" proposal for all cases to resolve the difficulties being faced by lakhs of home buyers who have not yet got possession of flats despite paying huge amounts of money to real estate builders.
The top court, which was hearing a homebuyers matter related to JIL, said the issue concerns lakhs of flat buyers and the Centre should give a concrete proposal to resolve it.
"This issue will be bothering lakhs of home buyers. Within the IBC (Insolvency and Bankruptcy Code), we cannot do anything. But outside it, you (Centre) can suggest something. We can consider that," the court had said.
The court's observation had come during the hearing of a plea which has sought that JIL be not sent into liquidation, although the deadline for the corporate insolvency resolution process is over, as it would cause "irreparable loss" to thousands of homebuyers.