NCLT approves Suraksha group's bid for Jaypee Infratech; relief for more than 20,000 homebuyers

The ruling will pave the way for the completion of more than 20,000 housing units

The National Company Law Tribunal (NCLT) on March 7 approved the Mumbai-based Suraksha group's bid to buy Jaypee Infratech Ltd, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process.

The ruling, which also comes nearly two years after the Committee of Creditors (CoC) gave its nod for Suraksha group's offer, will pave the way for the completion of more than 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region.

A two-member Principal bench of NCLT headed by President Ramalingam Sudhkar on Tuesday approved the resolution plan, more than three months after concluding the hearing and reserving the order.

A monitoring committee will be set up by the applicant Interim Resolution Professional (IRP) and it will take all necessary steps for expeditious implementation of the resolution plan, the bench said.

The committee, to be constituted as per the resolution plan, will be set up in seven days.

The successful resolution applicant should deliver the units for possession by the homebuyers concerned as per the time frame promised in the resolution plan, the bench said.

"The monitoring committee would supervise and monitor the progress of the construction of units, related infrastructure development on a day-to-day basis and file report before this Adjudicating Authority (NCLT) on a monthly basis," it added.