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Suraksha’s resolution plan for Jaypee Infratech gets the NCLT green light

Priya Singh | 2024-01-20

Homebuyers call it a positive development but are sceptical that the decision may be challenged again.
Jaypee Infratech: NCLT approves resolution plan for Jaypee Infratech. National Company Law Tribunal (NCLT) has approved the resolution plan of Suraksha Reality, and Lakshdeep Investments and Finance (resolution applicants) for Jaypee Infratech. The NCLT also passed order for reconciliation of amount of Rs 750 crore deposited by Jaiprakash Associates.
The National Company Law Tribunal has approved the resolution plan submitted by the Mumbai-based Suraksha Group for Jaypee Infratech through the insolvency process, raising hopes for more than 20,000 homebuyers waiting for their apartments in Noida for over a decade.

A two-member principal bench of the NCLT headed by Ramalingam Sudhkar approved the resolution plan on March 7 in a 491-page order and dismissed objections raised by Yamuna Expressway Industrial Development Authority and ICICI Bank.

It 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, insolvency resolution professional the lenders, and the authorised representative of the homebuyers.

The successful resolution applicant should deliver the units for possession by the homebuyers concerned as per the time frame promised in the resolution plan, the bench said.
The Monitoring Committee(s) as provided in the Resolution Plan shall be set up by the Applicant within 07 days of passing of this Order, which shall take all necessary steps for expeditious implementation of the Resolution Plan as per approval,” the order, a copy of which is with Moneycontrol said.
The SRA (successful resolution applicant) shall deliver/provide possession of the units to the Home Buyers/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,” the order said.
compliance with any part of this order or withdrawal from implementing the Resolution Plan by the Successful Resolution Applicant, the Monitoring Committee shall forfeit the Performance Security furnished by the Resolution Applicant in the form of Performance Bank Guarantees and the Successful Resolution Applicant will be subject to such other action/actions as permissible under the law.

It said that the Interim Resolution Professional, Anuj Jain shall stand discharged from his duties immediately after constituting the Monitoring Committee(s) as provided in the Resolution Plan.