India’s 20,000 homebuyers hail ‘Holi gift’ after acquisition of bankrupt real estate company

India’s corporate law authority on Tuesday approved the Mumbai-based Suraksha group’s bid to buy the bankrupt building construction company Jaypee Infratech. The acquisition comes nearly six years after the debt-ridden Jaypee Infratech entered the insolvency process.

Homebuyers across the Delhi and adjoining National Capital Range (NCR) hailed the National Corporate Law Tribunal (NCLT) decision as a “real Holi gift”, referring to the festival of colours which is being celebrated in India between March 7 and 8. A two-member principal bench of NCLT headed by president Ramalingam Sudhkar approved the resolution plan. This came after the conclusion of the hearing and reserved the order in November last year.

The ruling will pave the way for the completion of over 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region.

What did the Tribunal say?

Referring to the resolution plan put forward earlier for the speedy completion of homes, the tribunal said that a monitoring committee will be set up within 7 days of the passing of the order. The monitoring committee will take steps for expeditious implementation of the resolution plan.

The tribunal said Suraksha Group would deliver possession of the units to the homebuyers/allottees strictly as per the time frame promised in the resolution plan and approved by this authority.

“The Monitoring Committee will supervise and monitor the progress of construction of units and related infrastructure developments on a day-to-day basis and file the progress report before this Adjudicating Authority on monthly basis,” it said.

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