Jaypee Infratech resolution case: Five-member committee set up to handle resolution

Days after the National Company Law Tribunal (NCLT)  approved a bid by Suraksha Group to buy Jaypee Infratech Ltd (JIL), spelling relief for 20,000 homebuyers who paid for houses Jaypee had promised in Noida and Greater Noida, a five-member committee has been set up as per its order, sources told Moneycontrol.

The monitoring committee held its first meeting today. The interim resolution professional has handed over control to the interim monitoring committee (IMC) and it has started initiating work on implementation of the resolution plan, sources said.

As per the NCLT order delivered on March 7, the panel is expected to take "all necessary steps for expeditious implementation of the resolution plan as per approval".

Read: MC Explains | NCLT approves Suraksha Group’s plan to take over Jaypee Infratech

The committee comprises Suraksha Group representatives MD and CEO Aalok Dave and Projects In-charge Suresh Bansal, besides former interim resolution professional Anuj Jain, the lenders, Sanjay Sipani, Senior Vice-President of India Debt Resolution Company Ltd (IDRCL), and Kuldeep Verma, the authorised representative of the homebuyers, sources said.

A two-member principal bench of the NCLT headed by President Ramalingam Sudhakar on March 7 approved the resolution plan of consortium of Suraksha Realty and Lakshdeep Investments and Finance, three months after concluding the hearing and reserving the order. The bench had reserved its order on the bid in November 2022.

Read: Jaypee Infratech insolvency case: Relief for homebuyers who fought a decade-long legal battle

In its order, the two-member NCLT bench directed the interim resolution professional to set up an implementation monitoring committee within seven days.

“The monitoring committee as provided in the Resolution Plan shall be set up by the Applicant within seven days of passing of this order, which shall take all necessary steps for expeditious implementation of the Resolution Plan as per approval,” said the order, a copy of which is with Moneycontrol.

Suraksha Group should deliver the units for possession by the homebuyers concerned as per the time frame promised in the resolution plan, it said.

"The monitoring committee would supervise and monitor the progress of the construction of units, related infrastructure development on a day-to-day basis and file report before this Adjudicating Authority (NCLT) on a monthly basis," the order added.

The successful resolution applicant should deliver the units for possession by homebuyers in line with the timeframe promised in the resolution plan, the bench said.