The National Company Law Tribunal (NCLT) Mumbai was to hear the matter pertaining to approval of the Suraksha group’s bid to acquire embattled realty firm Jaypee Infratech Ltd on March 7. The hearing was cancelled as the NCLT member was unwell.
In June 2021, financial creditors of Jaypee Infratech Ltd (JIL) picked Mumbai-based Suraksha Group over state-owned NBCC for taking over the insolvent firm. The CoC’s approval has given hopes to thousands of homebuyers that they may finally get possession of their flats after many years of delay. After the CoC’s approval, the Suraksha Group’s offer had to be cleared by the National Company Law Tribunal (NCLT).
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Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain had filed Mumbai-based Suraksha Group’s resolution before the National Company Law Tribunal on July 8,2021.
On June 23, 2021, the financial creditors of Noida-based Jaypee Infratech Ltd selected Suraksha Group of Mumbai over state-owned NBCC to take over the debt-laden developer and complete the unfinished 20,000 odd apartments. Under its plan, Suraksha ARC has proposed to infuse Rs 125-crore worth equity into Jaypee Infratech. It also said that it will avail Rs 3,000 crore in loans to complete construction of the residential units which have been pending for over a decade. It plans to finish construction work within 42 months after taking over Jaypee Infratech.
Suraksha Group has also promised to immediately infuse Rs 300 crore if its bid was approved by the CoC to ensure construction is not hampered. A CoC member had told Moneycontrol that the company hopes to complete around 5,000 housing units with this amount.
The company had also promised to form a project-wise Monitoring Committee to monitor the progress of construction work and to oversee how funds are being deployed. It had also proposed to develop a mobile application to provide regular construction updates to buyers, the CoC member had said.
