The National Company Law Tribunal (NCLT), which was scheduled to govern on the Mumbai-based Suraksha group's bid to acquire Jaypee Infratech Ltd through the insolvency process on Tuesday, has today authorised the group's bid to acquire the insolvent Jaypee Infratech Ltd and complete construction about 20,000 flats across various projects in the national capital region.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and in accordance with the requirements of Schedule III, this is to inform that the matter along with related matters is further listed for order(s)/appropriate directions before Hon’ble National Company Law Tribunal, Principal Bench, New Delhi on 7th March, 2023." said Jaypee Infratech Ltd on Monday in a regulatory filing.
On November 22 of last year, the tribunal had reserved its decision regarding a petition submitted by the Jaypee Infratech Ltd. (JIL) resolution professional asking for approval for Suraksha group's bid to wrap up roughly 20,000 flats across numerous abandoned projects in Noida and Greater Noida.
More than three months after the hearing concluded and the resolution plan was adopted by a two-member Principal bench of the NCLT under the direction of President Ramalingam Sudhkar.
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."
The Committee of Creditors (CoC), which is made up of banks and homebuyers, gave the Suraksha group authorization to acquire JIL in June 2021. 20,000 homebuyers who had been waiting to move into their flats in halted projects now had optimism after the CoC's judgement. In August 2017, the JIL corporate insolvency resolution procedure (CIRP) got underway.
