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…