Flat buyers can seek relief under new law, says Arun Jaitley

New Delhi: The central government on Wednesday offered its “full sympathy” to the agitating Noida flat buyers, saying they can seek relief under the insolvency law. Union finance minister Arun Jaitley, while replying to a query related to the Allahabad bench of the National Company Law Tribunal’s (NCLT) order of initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526 crore loan, said all those who have paid money to developers, should get their flats. Hundreds of buyers had been left in the lurch after the Allahabad bench of the National Company Law Tribunal last week admitted the IDBI Bank’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan.

He said there was a provision for running a company under insolvency proceedings. “Those who are aggrieved can get remedy under the Insolvency and Bankruptcy Code.