NCLT reserves order regarding approval of Suraksha Group's bid for insolvent Jaypee Infratech

The National Company Law Tribunal (NCLT) has deferred its decision on Mumbai-based Suraksha Group’s bid to acquire Jaypee Infratech Ltd. and complete around 20,000 homes for dissatisfied homebuyers.

While a two-member special bench led by NCLT President Justice Ramalingam Sudhakar reserved the judgment late last month, the written order was just recently uploaded.

The NCLT court asked the parties to submit their final written arguments after the hearing concluded on November 22.

In June last year, the Mumbai-based Suraksha group gained consent from financial creditors and homebuyers to takeover Jaypee Infratech Ltd. (JIL), raising optimism for 20,000 homebuyers in stalled projects, primarily in Noida and Greater Noida.

The Suraksha Group’s proposal for the indebted JIL was approved by the Committee of Creditors (CoC). However, it was awaiting permission from the National Company Law Tribunal’s Principal Bench in Delhi (NCLT).