NCLT approved the Mumbai-based Suraksha group's bid to acquire debt-ridden Jaypee Infratech Ltd and complete around 20,000 flats across various projects in the national capital region.
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 successful resolution applicant should deliver the units for possession by the homebuyers concerned as per the time frame promised in the resolution plan.
The monitoring committee would supervise and monitor the progress of the construction of units, and related infrastructure development on a day-to-day basis.
JIL was among the first list of 12 companies against whom the Reserve Bank of India (RBI) had directed the banks to approach NCLT for initiation of insolvency proceedings.
In its final resolution plan, Suraksha group offered to bankers more than 2,500 acres of land and nearly ₹ 1,300 crores by way of issuing non-convertible debentures.