The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed Mumbai-based Suraksha Group to begin construction. Jaypee Infratech Limited’s (JIL) will work on the delayed project, the stuck wish town housing society in Sector 128.
The NCLAT decision came after unsatisfied homebuyers filed a complaint. NCLAT B argued that they had been waiting a long time for unit delivery and for the Uttar Pradesh government to address unresolved problems. They directed that construction operations on the site begin immediately.
In its 78th board meeting on September 13, 2023, the Yeida authorised Mumbai-based Suraksha Group’s resolution plan to take over bankrupt JIL’s delayed realty projects. JIL failed to deliver around 32,000 units across its various housing projects in Noida and Greater Noida.
Later, Yeida submitted the resolution plan to the Uttar Pradesh government for approval. However, the Uttar Pradesh government has yet to adopt Suraksha Group’s settlement proposal.
According to officials, JIl is currently facing corporate insolvency procedures before the National Company Law Tribunal.
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On March 6, in response to the purchasers’ request, the NCLAT directed the Suraksha Group to begin building.
The appeal panel stated that if Suraksha Group and Yeida do not resolve their difficulties by the next hearing date, which is April 18, 2024. The appeal panel will hear the plea on merit and issue a judgement.
NCLAT order and asked Suraksha Group to pay ₹1,689 crore
Yeida contested the NCLAT order and asked Suraksha Group to pay ₹1,689 crore for further farmer compensation. However, following negotiations between the two sides. So Suraksha Group decided to pay the additional compensation in exchange for some concessions. Because Yeida forwarded the company’s proposal to the state government for further action.
“We make it clear that if no settlement is brought on record by the next date, the appeal will be heard on its merits.” The SRA (Suraksha Group) may proceed with the plan and construction. We trust that all disputes between the YIEDA and SRA will be handled by the next date.” Justice Ashok Bhushan, chairperson. Barun Mitra, member (technical); and Arun Baroka, member (technical).
The NCLAT had asked the monitoring committee, to submit a progress report on the stuck wish town projects within two weeks.
Suraksha Group did not reply to numerous calls for comment. Jaypee Infratech Limited was unavailable for comment.
Yeida’s CEO, Arun Vir Singh, stated, “We will adhere to the NCLAT order and take appropriate decisions on the matter.”
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