Relief For Over 20,000 Homebuyers, Takeover Plan For Jaypee Infra Cleared

The National Company Law Tribunal (NCLT) on Tuesday approved the Mumbai-based Suraksha Group's bid to buy Jaypee Infratech Ltd, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process.

The ruling, which also comes nearly two years after the Committee of Creditors (CoC) gave its nod for Suraksha Group's offer, will pave the way for the completion of more than 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region.

"The monitoring committee would supervise and monitor the progress of the construction of units, and related infrastructure development on a day-to-day basis and file reports before this Adjudicating Authority (NCLT) monthly," it added.