Jaypee liquidation — Suraksha Group’s resolution plan to acquire Jaypee Infratech

NEW DELHI: According to the NCLT’s order, a five-member monitoring committee has been established to oversee the execution of Suraksha Group’s resolution plan to purchase indebted Jaypee Infratech. More than 20,000 stranded homebuyers were relieved on March 7 when the National Company Law Tribunal (NCLT) approved Suraksha group’s bid to acquire Jaypee Infratech Ltd.

Jaypee Infratech Ltd (JIL) stated in a regulatory filing that “an ‘Implementation and Monitoring Committee’ has been formed in accordance with the approved resolution plan” in compliance with the NCLT’s order.

Anuj Jain, a Jaypee Infratech Interim Resolution Professional (IRP), is one of the IMC’s (Implementation and Monitoring Committee) members.

Aalok Dave, managing director and chief executive officer of Suraksha ARC, is a member of the IMC. Additionally, Suresh Kumar Bansal has been included in the panel by Suraksha Realty.

In addition to being a member of the IMC, Kuldeep Kumar represents homebuyers in the Committee of Creditors (CoC).

Sanjay Kumar Sipani has been appointed to the IMC on behalf of assenting lenders.

Last week, the NCLT directed that an interim resolution professional (IRP) form a monitoring committee within seven days and take all necessary steps to expedite the resolution plan’s implementation.

“On a daily basis, the monitoring committee would supervise and monitor the progress of unit construction and related infrastructure development, and file a monthly report before this Adjudicating Authority (NCLT),” the NCLT bench stated.

JIL’s corporate insolvency resolution process (CIRP) was launched in August 2017 following an application by an IDBI Bank-led consortium. 

The Suraksha group received 98.66 percent of the votes cast in the fourth round of the bidding process to find a buyer for JIL in 2021.

According to the resolution plan, Suraksha Group will invest Rs 250 crore in Jaypee Infratech and also set up a Rs 3,000 crore loan for the completion of roughly 20,000 apartments in a number of stalled projects over the following four years.

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