The National Company Law Tribunal (NCLT) on March 7, 2023, approved Suraksha Group’s bid to buy Jaypee Infratech. The approval by the tribunal comes as a relief for over 20,000 homebuyers in the national capital region who have been waiting for a final decision for the takeover of the debt-ridden builder for nearly six years.
The ruling also comes nearly two years after the Committee of Creditors (CoC) gave its nod for Suraksha Group’s offer to takeover Jaypee.
A monitoring committee will now be set up by the Interim Resolution Professional, which will take necessary steps for expeditious implementation of 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.
Mumbai-based Suraksha Group on June 23, 2021, received an approval from the CoC, including financial creditors, of the embattled Jaypee Infratech Ltd (JIL), to take over the debt-ridden builder after a 10-day-long voting. Suraksha Realty had made the winning bid of Rs 7,736 crore as against government-owned NBCC India’s Rs 6,536 crore offer in June that year.
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
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