Homebuyers Call NCLT Order On Jaypee Infratech Case 'real Holi Gift'

Homebuyers on Tuesday described NCLT's order on Jaypee Infratech as a "real Holi gift" and hoped that the successful bidder Suraksha group will deliver the flats as per the schedule proposed in the resolution plan.

On Tuesday, the National Company Law Tribunal (NCLT) approved 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.

"Homebuyers of Jaypee are happy and it is a real Holi gift for them. We expect Suraksha to start the construction as prescribed in the resolution plan and deliver them as per the schedule approved by homebuyers," Ashish Mohan Gupta, President of JIL Real Estate Allottees Welfare Society, said.

He also hoped that there would not be any further litigation in this matter so that Suraksha group starts construction at the earliest.

The Corporate Insolvency Resolution Process (CIRP) against JIL started in August 2017 over an application filed by an IDBI Bank-led consortium.

For nearly 15 years, investments of more than 20,000 homebuyers are stuck in various projects of JIL.

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