India's corporate law authority on Tuesday approved the Mumbai-based Suraksha group's bid to buy the bankrupt building construction company Jaypee Infratech. The acquisition comes nearly six years after the debt-ridden Jaypee Infratech entered the insolvency process.

Homebuyers across the Delhi and adjoining National Capital Range (NCR) hailed the National Corporate Law Tribunal (NCLT) decision as a "real Holi gift", referring to the festival of colours which is being celebrated in India between March 7 and 8. A two-member principal bench of NCLT headed by president Ramalingam Sudhkar approved the resolution plan. This came after the conclusion of the hearing and reserved the order in November last year.

The ruling will pave the way for the completion of over 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region.

<h2>What did the Tribunal say?</h2>

Referring to the resolution plan put forward earlier for the speedy completion of homes, the tribunal said that a monitoring committee will be set up within 7 days of the passing of the order. The monitoring committee will take steps for expeditious implementation of the resolution plan.

The tribunal said Suraksha Group would deliver possession of the units to the homebuyers/allottees strictly as per the time frame promised in the resolution plan and approved by this authority.

"The Monitoring Committee will supervise and monitor the progress of construction of units and related infrastructure developments on a day-to-day basis and file the progress report before this Adjudicating Authority on monthly basis," it said.

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India's corporate law authority on Tuesday approved the Mumbai-based Suraksha group's bid to buy the bankrupt building construction company Jaypee Infratech. The acquisition comes nearly six years after the debt-ridden Jaypee Infratech entered the insolvency process.

India's corporate law authority on Tuesday approved the Mumbai-based Suraksha group's bid to buy the bankrupt building construction company Jaypee Infratech. The acquisition comes nearly six years after the debt-ridden Jaypee Infratech entered the insolvency process. Homebuyers across the Delhi and adjoining National Capital Range (NCR) hailed the National Corporate Law Tribunal (NCLT) decision as a "real Holi gift", referring to the festival of colours which is being celebrated in India between March 7 and 8. A two-member principal bench of NCLT headed by president Ramalingam Sudhkar approved the resolution plan. This came after the conclusion of the hearing and reserved the order in November last year. The ruling will pave the way for the completion of over 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region. What did the Tribunal say? Referring to the resolution plan put forward earlier for the speedy completion of homes, the tribunal said that a monitoring committee will be set up within 7 days of the passing of the order. The monitoring committee will take steps for expeditious implementation of the resolution plan. The tribunal said Suraksha Group would deliver possession of the units to the homebuyers/allottees strictly as per the time frame promised in the resolution plan and approved by this authority. "The Monitoring Committee will supervise and monitor the progress of construction of units and related infrastructure developments on a day-to-day basis and file the progress report before this Adjudicating Authority on monthly basis," it said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India's 20,000 homebuyers hail 'Holi gift' after acquisition of bankrupt real estate company

Amid insolvency proceedings against debt-ridden realty company Jaypee Infratech comes Finance Minister Arun Jaitley&#39;s statement today (August 16) that the government sympathy is with flat buyers.

&quot;Flat buyers who have given money to developers should get their flats, government&#39;s sympathy is with the flat buyers,&quot; Finance Minister Arun Jaitley said at a press conference.

Hundreds of home buyers have been left in lurch - their investments stuck - after the National Company Law Tribunal (NCLT) admitted the bankers&#39; plea for initiating insolvency proceedings against Jaypee for defaulting 
on a Rs 526-crore loan.

On Monday, a top finance ministry official said the government was exploring whether it was legally tenable to sell other assets of the debt-ridden company to raise money to complete pending housing projects of the 
company.

&quot;The government is looking at ways to provide relief to Jaypee Infratech home buyers,&quot; the official said.

&quot;We will discuss with the corporate affairs ministry if bankruptcy code provides any legal ground for sale of other assets of companies to fund completion of pending projects.&quot;

The government also said it was considering the possibility of appointing a receiver or state agencies for the completion pending projects, where home buyers had paid money for booking flats.

&quot;We may have to take the legal way through the NCLT, which can pass an order to appoint an authority - may be a state agency - to sell assets of Jayee Infratech and with the money from sale of assets, the pending projects 
could be completed,&quot; he said.

Insolvency proceedings, he said, can continue simultaneously.

Last week, the Allahabad-bench of NCLT admitted insolvency plea of IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech.

It appointed Anuj Jain the interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code.

The implication of an interim resolution professional&#39;s appointment is that investors cannot sell, transfer or get possession of their flats under construction. There will also be a status quo on the execution of the registry of a 
property.

Jaypee Infratech, a part of the debt-ridden Jaypee group, has defaulted on Rs 526.11 crore outstanding loan to the IDBI.&nbsp;

The biggest incomplete project of Japyee is the mammoth Wish Town project in Delhi suburb Noida.

The company has reportedly handed over only 5,500 of the proposed 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway.&nbsp;

Hundreds of home buyers have been left in lurch - their investments stuck - after the insolvency proceedings against realty company Jaypee Infratech

Amid insolvency proceedings against debt-ridden realty company Jaypee Infratech comes Finance Minister Arun Jaitley's statement today (August 16) that the government sympathy is with flat buyers. "Flat buyers who have given money to developers should get their flats, government's sympathy is with the flat buyers," Finance Minister Arun Jaitley said at a press conference. Hundreds of home buyers have been left in lurch - their investments stuck - after the National Company Law Tribunal (NCLT) admitted the bankers' plea for initiating insolvency proceedings against Jaypee for defaulting on a Rs 526-crore loan. On Monday, a top finance ministry official said the government was exploring whether it was legally tenable to sell other assets of the debt-ridden company to raise money to complete pending housing projects of the company. "The government is looking at ways to provide relief to Jaypee Infratech home buyers," the official said. "We will discuss with the corporate affairs ministry if bankruptcy code provides any legal ground for sale of other assets of companies to fund completion of pending projects." The government also said it was considering the possibility of appointing a receiver or state agencies for the completion pending projects, where home buyers had paid money for booking flats. "We may have to take the legal way through the NCLT, which can pass an order to appoint an authority - may be a state agency - to sell assets of Jayee Infratech and with the money from sale of assets, the pending projects could be completed," he said. Insolvency proceedings, he said, can continue simultaneously. Last week, the Allahabad-bench of NCLT admitted insolvency plea of IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech. It appointed Anuj Jain the interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code. The implication of an interim resolution professional's appointment is that investors cannot sell, transfer or get possession of their flats under construction. There will also be a status quo on the execution of the registry of a property. Jaypee Infratech, a part of the debt-ridden Jaypee group, has defaulted on Rs 526.11 crore outstanding loan to the IDBI. The biggest incomplete project of Japyee is the mammoth Wish Town project in Delhi suburb Noida. The company has reportedly handed over only 5,500 of the proposed 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway.

Home buyers who have given money to developers should get flats: Arun Jaitley

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