Following an appeal from the homebuyers of Jaypee Wish Town housing society in Noida sector 128, the National Company Law Appellate Tribunal (NCLAT) has directed Mumbai-based Suraksha Group to commence construction activities on Jaypee Infratech Limited (JIL)’s already delayed project, people aware of the matter said.
The NCLAT also asked the monitoring committee, which is supervising the routine work at the project currently, to file a status report on the projects in Wish Town within two weeks.
According to homebuyers, the construction activities are yet to start because of pending approval for Suraksha’s resolution plan from the Uttar Pradesh cabinet.
The Yamuna Expressway Industrial Development Authority (YEIDA) had in September 2023, approved Suraksha Group’s resolution plan to complete stuck realty projects of bankrupt Jaypee Infratech Limited (JIL) in Noida and Greater Noida with a rider that the realtor will have to pay additional compensation of about 64.7 percent towards land compensation to farmers.
Later, the Authority had sent the resolution plan to the Uttar Pradesh government for approval but it is yet to get the Cabinet’s nod. JIL is currently facing corporate insolvency resolution proceedings in the National Company Law Tribunal (NCLT).
The Suraksha Group and the Jaypee Infratech Limited did not respond to calls and messages sent by Moneycontrol for a response.
In their appeal to the NCLAT, aggrieved homebuyers, through an application, said that they have already been waiting for their homes for a long time the delivery of units should not be delayed any further and the construction work must start at the site at the earliest.