NCLT Appoints Two Member Committee to Review Jaypee Infratech Project Progress Under Suraksha Group

Committee to Assess Construction Status and Address Homebuyers’ Grievances​

New Delhi, February 16: The National Company Law Tribunal has appointed a two member committee to assess the progress of construction of projects undertaken by Jaypee Infratech Ltd, which is currently controlled by the Suraksha Group. The panel has also been directed to submit a comprehensive status report to the tribunal.

The Corporate Insolvency Resolution Process against Jaypee Infratech Ltd was initiated on August 9, 2017. On March 7, 2023, the insolvency tribunal approved the resolution plan submitted by the Suraksha Group. However, flat buyers have since raised concerns over what they describe as excessive delays in project completion.

NCLT Takes Note of Homebuyers’ Anguish​

A two member principal bench of the National Company Law Tribunal in Delhi acknowledged the anguish of homebuyers and directed the appointed committee to address their grievances.

The direction followed applications and affidavits filed by flat buyers of Jaypee Infratech, highlighting issues related to construction progress and compliance with obligations under the approved resolution plan.

In its order, the tribunal stated that former NCLT members PK Mohanty and Deepti Mukesh have been appointed to undertake an exercise to assess the progress of construction in relation to the approved resolution plan dated March 7, 2023. The exercise is intended to enable homebuyers to express their concerns before the tribunal.

Comprehensive Status Report to Be Submitted​

The committee has been directed to provide a complete and comprehensive report on the current status of construction and record any grievances raised by stakeholders.

The tribunal has instructed all parties to cooperate fully with both members of the committee. The matter has been listed for the next hearing on April 1, 2026.

The order was passed on February 12, 2026, by a bench comprising Justice Ramalingam Sudhakar, President of the tribunal, and Ravindra Chaturvedi, Member Technical.

Suraksha Group’s Resolution Plan and Project Commitments​

The flat buyers’ association has raised grievances regarding the pace of construction and adherence to commitments outlined in the resolution plan approved by the tribunal.

In its final resolution plan, the Mumbai based Suraksha Group committed to completing around 20,000 homes across multiple stalled residential projects and handing over possession to distressed homebuyers.

On June 4, 2024, the Suraksha Group took control of Jaypee Infratech Ltd after the insolvency appellate tribunal upheld its bid to acquire the company.

The latest directive from the tribunal is aimed at ensuring transparency in project execution and providing a formal platform for homebuyers to present their concerns as the insolvency resolution moves forward.