07 , March , 2023
In a recent development, the National Company Law Tribunal (NCLT) is scheduled to pass its judgement on Mumbai-based Suraksha group's bid to acquire Jaypee Infratech Ltd through the insolvency process.
In late November last year, the NCLT reserved its order on Suraksha group's bid to acquire Jaypee Infratech Ltd and complete around 20,000 flats for aggrieved homebuyers. In a regulatory filing, Jaypee Infratech Ltd informed that the matter is "further listed for order(s)/appropriate directions before Hon'ble National Company Law Tribunal, Principal Bench, New Delhi on 7th March 2023.
"In June 2021, the Suraksha group received the approval of financial creditors and homebuyers to take over the Jaypee Infratech Ltd, raising hopes for 20,000 homebuyers of getting possession of their dream flats in stalled projects, mainly in Noida and Greater Noida.
The corporate insolvency resolution process (CIRP) against JIL was started in August 2017. It was among the first list of 12 companies against whom, the Reserve Bank of India (RBI) had directed the banks to approach NCLT to get insolvency proceedings initiated.
(WITH INPUTS TAKEN FROM PTI)
