The National Company Law Tribunal (NCLT) today approved Mumbai-based Suraksha Group’s bid to acquire debt-ridden Jaypee Infratech Limited through the insolvency resolution process and complete around 20,000 flats in various projects in the National Capital Region .
A two-member Principal Bench of NCLT headed by President Ramalingam Sudhakar approved the resolution plan after more than three months of completing the hearing and reserving the order.
The tribunal had on November 22 last year reserved its order on a plea filed by the resolution professional of Jaypee Infratech Limited (JIL) seeking approval of Suraksha Group’s bid and completion of around 20,000 flats in various stalled projects in Noida and Greater Noida. was demanded to do.
In June 2021, Suraksha Group received the approval of the Committee of Creditors (CoC), comprising banks and homebuyers, to acquire JIL. The CoC decision has raised hopes of 20,000 homebuyers getting possession of their flats in stalled projects.
The corporate insolvency resolution process against JIL started in August 2017.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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