But the promoters have not agreed to the suggestions and have instead raised loans against the expressway.Sources said the government may explore the possibility of appointing a receiver or state-run agencies for the completion of projects where over 32,000 individuals have booked apartments. Although bookings started as far back as 2008, the company has been running woefully behind schedule, causing hardship to home buyers who have dipped into lifetime savings or taken loans.The government will discuss with the ministry of corporate affairs (MCA) if the Insolvency and Bankruptcy Code (IBC) provides legal ground for other asset sale to fund incomplete projects. This is the first indication that the Centre will step in to resolve the crisis as the fate of the flats is uncertain. During the 270 days, the promoter or another company can take over the company. The government realises that the Jaypee Infratech case cannot be treated in the same way as a power or steel project.

Source: Times of India August 14, 2017 23:03 UTC