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To: Respected and Honorable Ms.Nirmala Sitaraman Mam. 🙏 Minister for Finance and Corporate Affairs. And Respected and Honorable Chairman: Insolvency and Bankruptcy Board of India (IBBI).🙏 Namaste ! @nsitharaman @nsitharamanoffc @PMOIndia @MCA21India @BJP4India @RSSorg @LokSabhaSectt @JPNadda @narendramodi Subject: Humble Request to amend the Insolvency and bankruptcy code 2016 and make provisions in law to provide homes to home buyers for real estate project gone in Liquidation. Many home buyers will not be able to buy a home again due to such huge financial strain. Many of us are paying EMI of home loans for house in this project. Our be loved PM Modi Ji have given home buyers money to buy these houses from PM Awas Yojna funds it should not go in waste. A House is a dream of an entire family, millions of such family then transforms this dream in to the dream of entire nation our bellowed Bharat. Our request to amend Insolvency and Bankruptcy code 2016. 1) Even in the state of liquidation to maintain the harmonious stand with RERA law, the home buyers who has registered agreement as per RERA, liquidator should not include the homes of home buyer in liquidation estate as home buyers are customers of corporate deter, and provisions of IBC must ensure the home buyers get their homes. 2) Provisions of the Real Estate (Regulation and Development) Act (RERA) should supersede the IBC code in real estate companies’ cases involving the insolvency of real estate projects. Summary : As the lenders have given 431 Crore loan to real estate company Vijay group housing ltd, company which had no such asset value worth to provide such huge loan, builder siphoned off money almost all money, and was absconding, no action on recovery has happened since last three years, 297 home buyers have paid almost 98 to 100 % of the consideration amount, agreement register and agreement as per RERA home buyers are mentioned as allottee, Lenders had high percentage of vote in COC due to huge exorbitant loan given to builder, lenders voted for liquidation, during the CIRP they did not approved a resolution plan value 123 Crore for company which was giving homes to home buyers. Now in liquidation the asset value was reduced to 101 Crore and is further reduced and home buyer’s flats are also forcibly included, in asset of liquidation. Hence request you to take appropriate action, and direct liquidator to remove our flats from asset of liquidation. Amend and make provisions in the Insolvency and bankruptcy code to ensure such events are taken care and even in the state of liquidation home buyers get their homes. A House is a dream of an entire family, millions of such family then transforms this dream in to the dream of entire nation our bellowed Bharat. Resolution Professionals/ Liquidator must ensure giving possession of houses to home buyers. In the state of liquidation too home buyers must get their homes. Provisions of IBC code should be made harmonious to RERA. Respected sir, We home buyers of the Vijay group Housing ltds housing project at Vijay Estate Vakas Neral are waiting from year 2017 till date for possession of our purchased homes. About 291 families are affected financially and psychologically. Many home buyers have died homeless. We are lower income group home buyer’s majority of us are retired or about to retire in few years, even old aged with no financial support and many of us are staying in rented houses, staying in relative’s house on their mercy, many have paid Provident funds money to purchase the house, and now we are not having financial capacity to purchase a house again, many of us are paying EMI of home loans for house in this project. One home buyer’s wife is suffering from disease like cancer, one son of our home buyer is bedridden, and many of the senior home buyers are bedridden. Many home buyers will not be able to buy a home again due to such huge financial strain. Which in turn has a devastating effect on fundamental rights, the right to Life. Majority of home buyers have taken home loans from banks and still pay EMI of their home loans regularly. Some home buyers have sold their old homes in Thane, Mumbai and paid for new homes at said project of Vijay Group housing LTD at Vijay Estate Vakas Neral and staying in rented homes now, the situation has devastating effect on the life of home buyers. Salaries are going in repayment of home loans, rents for existing accommodations, home buyers have no or less income due to retirement. It has become very difficult for us to meet the expenses for our life, education of children, medical treatments, due to old age, electricity bill, and food. Situation would have been different if we had received our homes possession after payment of so much money. Few home buyers have died due to financial stress in their life. 1) Mr Ashish Dandekar, one home buyer aged 70, died giving up food in a very bad financial state. 2) Dr Kagaglkar died due to the shock of a delayed housing project and paying EMI for a housing loan without getting a house. 3) Mr.Pawar died due to financial stress created in his life due to financial problems that arose due to the delayed housing project. 4) Mr.Rege age 68 died due to stress created due to the financial burden created due to delay in the housing project. 5) Mr.Sherpeka one home buyer's son is suffering from severe muscular disease and is bed ridden and requires a lot of care, if he would have received possession of the house his financial situation would have been different. Situation has created very high financial and psychological stress in the life of home buyers of Vijay Group Housing ltds Project at Vijay Estate Vakas Neral, Tal, Karjat, Dist. Raigad. 6) Secretary of our association has given all life savings meant to take care of his only son who is affected with Autism, and the house purchased would support his son’s life. 7) Mr Ravindra Katkar and Mr.Das Retired Army Jawans, has paid money from his service to purchase a house and he is staying in a rented house. Respected Sir, here with this letter we home buyers of the Vijay Groups Housing Ltds held up project at Vijay Estate Vakas Neral, Taluka Karjat, District Raigad, Request your esteemed to amend and direct the liquidator of the said company to provide possession of our houses. In this housing project 80 % of the entire project is completed to the tune of 90 % and the rest of 20 % project is completed 50 %. We are about 291 home buyers in this project, we have paid almost 90 to 95 % of the consideration amount for our purchased houses in the said project. All agreements for sale are registered. The possession was promised by 2018 to 2020 as per RERA. Vijay Group Housing Ltd went into Insolvency in 30-Sep-2023. Thereafter a liquidator is appointed by NCLT, being allottees of the flats. We home buyers are having our rights on the sold houses, while the rest of the unsold flats and land are under liquidation to recover the debit of financial institutions. Here at this juncture we humbly request take this project under NBCC or make suitable arrangments, to give homes to home buyers. Details of the Fraud and Siphoning of Funds The director of Vijay Group Housing Ltd., Mr. Ateev Gala, is believed to have siphoned off an estimated ₹341 crores from the company, comprising funds from both homebuyers and loans from financial institutions. These funds were systematically diverted through a complex web of related companies. The Complicit Role of Financial Institutions: Vijay Group Housing Ltd. availed significant loans from major financial institutions, including ₹185 crores from L&T Finance, ₹115 crores from L&T Housing Finance Ltd., and ₹41 crores from Aditya Birla. We believe these institutions demonstrated gross negligence and failed in their fiduciary duty to monitor the end use of these funds, thereby enabling this large-scale fraud. Many unscrupulous builders have been misusing the provisions of Insolvency and Bankruptcy Code (IBC), laws to make quick, money by taking huge loans from banks and collecting substantial amounts from home buyers, only to abandon projects and push them into insolvency. Therefore, we urgently appeal to your esteemed office to consider a crucial amendment to the Insolvency and Bankruptcy Code, 2016. It is must to impart protection to fundamental right, right to life, therefore houses should be constructed firstly from the money collected after selling of the property of Corporate deter and possession should be given to home buyers of the housing project going in insolvency. We request you to make changes in Insolvency and Bankruptcy code as follows. 1) Even in the state of liquidation to maintain the harmonious stand with RERA law, the home buyers who has registered agreement as per RERA, liquidator should not include the homes of home buyer in liquidation estate as home buyers are customers of corporate deter, and provisions of IBC must ensure the home buyers get their homes. 2) Provisions of the Real Estate (Regulation and Development) Act (RERA) should supersede the IBC code in real estate companies’ cases involving the insolvency of real estate projects. This amendment would ensure that the rights and interests of home buyers, as enshrined in RERA, are given paramount importance during insolvency and liquidation proceedings. It would provide a much-needed legal shield for vulnerable home buyers. Your leadership and vision have always been a source of hope for millions. We trust that you will recognize the gravity of our situation and take swift, decisive action to safeguard the future of thousands of families who have invested their life's earnings and dreams into these homes. Thank you for your attention to this urgent matter. Sincerely, For : Vijay Estate Vakas Home Buyers Association. Chairman Chandrakant Dandekar Secretary Mr. Bhimrao Waghmare

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