The National Company Law Tribunal (NCLT) approved a bid by Suraksha Realty and Lakshdeep Investments and Finance to buy Jaypee Infratech Ltd (JIL), spelling relief for 20,000 homebuyers who bought houses promised by Jaypee in Noida and Greater Noida and are deemed financial creditors to the projects.
The development came six years after Jaypee Infratech entered into insolvency proceedings. For the buyers who have been waiting to receive the keys to their homes for more than a decade, it means light at the end of the tunnel, finally. Most of them have been repaying home loans through equated monthly instalments as well as rent for accommodation.
A two-member principal bench of the NCLT headed by president Ramalingam Sudhakar approved the resolution plan of consortium of Suraksha Realty and Lakshdeep Investments and Finance, three months after concluding the hearing and reserving the order. The bench had reserved its order on the bid in November 2022.
“We have no other option but to approve the Resolution Plan submitted by Suraksha Realty Ltd along with Lakshdeep Investments and Finance Pvt Ltd along with addendums as duly considered, approved, and recommended by the CoC (Committee of Creditors) and placed by the Applicant/IRP (Insolvency Resolution Professional) of JIL before this Adjudicating Authority,” the NCLT said in a 491-page order. It also dismissed objections raised by Yamuna Expressway Industrial Development Authority, ICICI Bank and JIL's parent firm Jaiprakash Associates Ltd (JAL).
In its order, the two-member NCLT bench directed the Interim Resolution Professional to set up an implementation monitoring committee within seven days. The committee is expected to include representatives of the Suraksha Group, IRP Anuj Jain, the lenders, and the authorised representative of the homebuyers, Kuldeep Verma.
