NCLT sets up panel to assess progress of projects under Jaypee Infratech

The National Company Law Tribunal (NCLT) has appointed a two-member committee to assess the progress of construction of projects of Suraksha Group-controlled Jaypee Infratech and submit a comprehensive status report before it.

The Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Ltd (JIL) was initiated on August 9, 2017.

On March 7, 2023, Suraksha Group's bid was approved by the insolvency tribunal. However, buyers are now complaining of inordinate delays in completion of the project.

A two-member Delhi-based principal bench of the NCLT has also taken note of the "anguish of homebuyers" and directed the committee to look into their grievances.

The NCLT direction came over the application and affidavits filed by the flatbuyers of Jaypee Infratech.

"Without prejudice to the contentions raised in this application and various reports, replies affidavit filed which in order to enable anguish of homebuyers' before us, in the interregnum, we are inclined to appoint