NCLT sets up panel to assess progress of projects under Jaypee Infratech | Company News
The National Company Law Tribunal (NCLT) has appointed a two-member committee to assess the progress in construction of Suraksha Group-controlled Jaypee Infratech projects and submit a comprehensive status report to it.
Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Ltd (JIL) was initiated on 9 August 2017.
On March 7, 2023, Suraksha Group’s proposal was approved by the bankruptcy court. However, buyers are now complaining about inordinate delays in completing the project.
The Delhi-based two-member chief executive of the NCLT also took note of the “pain of home buyers” and directed the committee to look into their complaints.
NCLT’s order came on the basis of applications and representations submitted by flat buyers of Jaypee Infratech.
“Without prejudice to the allegations made in this application and the various reports submitted in the affidavit in which we are inclined to appoint former Members of NCLT PK Mohanty and Deepti Mukesh during the interregnum to undertake an exercise to assess the progress of construction of projects in relation to the approved resolution plan dated March 7, 2023, in order to alleviate the pain of home buyers before us,” he said.
The bankruptcy court also ordered them to “provide a complete and comprehensive report of the situation and complaint, if any.” The NCLT directed all parties to “co-operate without objection with both Members” and listed the matter for next hearing on April 1, 2026.
The decision was passed by an NCLT bench comprising Justice Ramalingam Sudhakar (President) and Ravindra Chaturvedi Member (Technical) on February 12, 2026.
The flat buyers’ association has expressed its grievances over the progress in construction of real estate projects and compliance with obligations under the Resolution Plan approved by the NCLT.
Mumbai-based Suraksha Group, in its final settlement plan, has promised to complete around 20,000 houses in various housing projects and then offer properties to distressed homebuyers.
On June 4, 2024, Suraksha Group took control of JIL following the bankruptcy appellate court’s decision approving NCLAT’s bid to acquire JIL.
