Respected Lawyers
I am a homebuyer of Jaypee Infratech and Suraksha Group took over Jaypee Infratech via the insolvency process.
As per the Section 16A(7) of the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, states that a creditor's voting share in a class is in proportion to their financial debt. This financial debt includes interest at a rate of 8% per year.
As a homebuyer, I was a financial creditor and my voting share was calculated as per the IBBI section 16 A (7) which includes the principal amount and interest at a rate of 8% per year.
However, a specific clause in the resolution plan mentioned that the claim amount would be only the principal amount without any interest. After the approval of the resolution plan, a homebuyer can claim a refund of the principal amount with no interest while most homebuyers have been paying interest toward their EMIs on home loan.
My question is whether a homebuyer like me can get the interest amount with the help of any available legal aid or remedial proceedings.
Thank you very much for your time
