NCLT approves Suraksha group’s bid for Jaypee Infratech
The National Company Law Tribunal (NCLT), which was scheduled to rule on Mumbai-based Suraksha Group’s bid to acquire Jaypee Infratech Ltd through the insolvency process on Tuesday, today cleared the group’s bid to acquire bankrupt Jaypee Infratech Ltd and complete construction. Around 20,000 flats in various schemes in the National Capital Region.
“Conforming to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and complying with the requirements of Schedule III, further order(s) to be listed along with related matters. Appropriate directions before the Hon’ble National Company Law Tribunal, Principal Bench, New Delhi on March 7, 2023,” Jaypee Infratech Ltd said in a regulatory filing on Monday.
The tribunal had on November 22 last year deferred judgment on a petition filed by a resolution expert of Jaypee Infratech Ltd (JIL) seeking permission for Suraksha Group’s attempt to complete around 20,000 flats in several abandoned projects in Noida and Greater Noida. .
After more than three months of hearing, the resolution plan was accepted by a two-member principal bench of NCLT headed by Chairman Ramalingam Sudkar.
In a regulatory filing, Jaypee Infratech Ltd said, “The Hon’ble National Company Law Tribunal, Principal Bench, New Delhi is further listed for order(s)/appropriate directions on 7 March 2023.”
The Committee of Creditors (CoC), comprising banks and home buyers, has given approval to Suraksha Group to acquire JIL in June 2021. 20,000 homebuyers were waiting to move into their flats in stalled projects. . In August 2017, the JIL Corporate Insolvency Resolution Procedure (CIRP) was initiated.
