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Monday, July 22, 2024

NCLT approves Suraksha group’s bid for Jaypee Infratech

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

The National Company Law Tribunal (NCLT) on Tuesday approved the Mumbai-based Suraksha group’s bid to acquire debt-ridden Jaypee Infratech Ltd through an insolvency resolution process and complete around 20,000 flats across various projects in the national capital region.

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

The tribunal had reserved its order on November 22 last year over the plea filed by the resolution professional of Jaypee Infratech Ltd (JIL) seeking approval for Suraksha group’s bid and complete around 20,000 flats across various stalled projects in Noida and Greater Noida.

In June 2021, Suraksha group received the approval of the Committee of Creditors (CoC), which includes banks and homebuyers, to takeover JIL. The decision of the CoC raised hopes for 20,000 homebuyers of getting possession of their flats in the stalled projects.

The corporate insolvency resolution process against JIL was started in August 2017.

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