NCLT gives nod to Suraksha Group to buy Jaypee Infratech
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.