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NCLT gives nod to Suraksha Group to buy Jaypee Infratech 
The ruling comes nearly two years after Suraksha Group was picked to buy JIL

NCLT gives nod to Suraksha Group to buy Jaypee Infratech 

Mar 07, 2023
09:58 pm

What's the story

The National Company Law Tribunal (NCLT) has approved Mumbai-based Suraksha Group's bid to buy Jaypee Infratech Limited (JIL) six years after it entered the insolvency process in 2017, PTI reported. This would provide relief to over 20,000 homebuyers across various stalled JIL projects in Noida and Greater Noida. Notably, the ruling comes nearly two years after Suraksha was picked to buy the insolvent firm.

Resolution plan

Monitoring committee to be set up in 7 days

After reserving the order in November, the NCLT bench on Tuesday approved the resolution plan, which will be implemented by a monitoring committee, per PTI. The panel will be constituted within seven days; it will file reports before NCLT on a monthly basis, the bench said. JIL was among the first 12 companies against which the Reserve Bank of India (RBI) encouraged insolvency proceedings.