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Jaypee Infratech: Suraksha Group’s bid to acquire debt-ridden Jaypee Infratech was cleared by the National Company Law Tribunal (NCLT) yesterday. With this, the hopes of 20,000 buyers who have booked flats in various projects of the National Capital Region (NCR) have increased. The NCLT approved the resolution proposal of Mumbai-based Suraksha ARC (Suraksha Asset Reconstruction) to buy Jaypee Infratech. With this, the way has been cleared for starting the stalled construction of flats of 20,000 home buyers in NCR.
Suraksha Group will make 20 thousand flats
A two-member Principal Bench headed by NCLT President Ramalingam Sudhakar approved the bid made by Suraksha Group for the acquisition of Jaypee Infratech Limited (JIL). Suraksha Group had placed its bid under the debt resolution process. The Mumbai-based Suraksha Group was approved by JIL’s Committee of Creditors (CoC) for the acquisition in June 2021. Apart from banks, CoC also includes home buyers. These buyers had booked flats in different residential projects located in Noida and Greater Noida but the flats could not be supplied on time due to JIL being stuck in debt. This decision of NCLT has brought relief to the buyers who have been waiting for years even after booking houses under various projects of Jaypee Infratech. These 20,000 home buyers are hopeful of getting possession of their flats
The security group had assured to complete the construction of incomplete flats in four years.
The insolvency resolution process against Jaypee Infratech started in August 2017. It was in the list of 12 companies against whom the Reserve Bank had first given instructions to run the insolvency resolution process. In its resolution proposal, Suraksha Group had offered about Rs 1,300 crore and over 2,500 acres of land by issuing non-convertible debentures to the lender banks. Apart from this, the group had also assured to complete the construction of all the incomplete flats in four years.
What NCLT said
NCLT had reserved its decision on November 22 last year on the application filed by the resolution professional of Jaypee Infratech. In this petition, an appeal was made to allow Suraksha Group to construct 20,000 flats under various pending projects of the company. While giving its verdict on this, the tribunal said, “We have Suraksha Realty Limited and Lakshdeep Investments and Finance Pvt. There is no option but to allow the resolution plan offered by the side.” Along with this, the tribunal rejected the objections filed by Yamuna Expressway Industrial Development Authority, ICICI Bank and Jaiprakash Associates Limited (JAL), the parent company of JIL.
who will get how much amount
The NCLT in its judgment said that out of Rs 750 crore deposited by JAL with the Supreme Court registry, JIL will get Rs 542.62 crore while Rs 106.9 crore will be deposited in an escrow account of the home buyers. Rs 100.48 crore will be returned to JAL with interest. Following the order of the Supreme Court, JAL had deposited Rs 750 crore in several installments with the registry in the year 2018. Lenders of Jaypee Infratech had presented a claim of Rs 9,783 crore.
A committee will also be formed
Along with this, the tribunal has also asked the interim resolution professional to form a monitoring committee to complete the stalled housing projects of JIL. This committee will take all necessary steps for speedy implementation of the resolution plan. This committee will have to be formed within seven days. The bench said that the successful resolution applicant will have to supply the flat within the time limit specified in the resolution plan. “The monitoring committee shall monitor the progress of the incomplete projects on a daily basis. The committee shall submit its progress report before the NCLAT on a monthly basis,” the bench said.
Jaypee Infratech case was stuck for a long time
However, under Section 12(1) of the Insolvency and Bankruptcy Code (IBC), there is a provision to complete the debt resolution process within 180 days, which can be extended up to 330 days in certain circumstances. But Jaypee Infratech’s case got stuck in many legal disputes for a long time.
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