NCLT's insolvency proceedings forces Jaypee to 'adjust' deals

New Delhi: Since National Company Law Tribunal (NCLT) has initiated insolvency proceedings against the real estate major, Jaypee Infratech is offering its flat owners fresh deals to shift their bookings to its new property in Greater Noida.

As per Times of India report, the bookings are being adjusted with another property in Jaypee Associates situated in Greater Noida.

The Times of India report also mentions various instances where an existing customer is being advised to take up a forthcoming project in the new property with an assurance that the amount alreday paid to Jaypee Infratech would be adjusted in the upcoming project.

Nevertheless, it's unclear how the existing flat buyers can avail withdrawal of their deposits, as it only provides discounts for delayed flat delivery.