NCLT Enforces Accountability: Suraksha Group's Real Estate Timelines Under Scrutiny

The NCLT has appointed a committee to assess the construction progress of Suraksha Group-controlled Jaypee Infratech after buyers complained about delays. With Suraksha's bid approved in 2023, the tribunal aims to address buyers' grievances and expects a comprehensive report on progress and issues, setting another hearing for 2026.

The National Company Law Tribunal (NCLT) has intensified its oversight by appointing a two-member committee focusing on the construction progress of Jaypee Infratech projects, controlled by the Suraksha Group. This decision comes after persistent complaints from homebuyers regarding prolonged delays in the completion of the projects.

The Corporate Insolvency Resolution Process (CIRP) for Jaypee Infratech Ltd initiated back in August 2017, saw Suraksha Group's plan approved on March 7, 2023. However, grievances from buyers have grown due to unmet deadlines, prompting the NCLT to appoint former members to produce a status and grievance report.

Justice Ramalingam Sudhakar and Ravindra Chaturvedi of the NCLT have mandated cooperation from all parties involved, setting the next review date for April 1, 2026. Suraksha Group's promise to complete and deliver 20,000 homes remains under critical examination as buyers await fulfillment of assurances made during the resolution process.

(With inputs from agencies.)