Noida Homebuyers of Jaypee Infratech approches NCLT over construction
Homebuyers of Jaypee Infratech Ltd (JIL) have approached the National Company Law Tribunal (NCLT), alleging lack of headway in construction of flats by Suraksha Group despite its resolution plan being approved in March 2023 and upheld by the appellate tribunal this May. In their petition, members of the Jaypee Infratech Real Estate Allottees Welfare Society (JREAWS) alleged that Suraksha — which took over JIL through insolvency proceedings — had failed to mobilise the promised Rs 3,000 crore required for construction, deploy workers, or even establish escrow accounts as stipulated in the resolution plan. According to the approved resolution plan — passed by NCLAT in May this year — Suraksha was supposed to resume construction of flats within 90 days. The tribunal heard the appeal by buyers on Dec 10 and issued notices to Suraksha, JIL, the Insolvency and Bankruptcy Board of India (IBBI), and Anuj Jain, the former interim resolution professional (IRP). The next hearing is scheduled for Jan 8. The buyers — who have been waiting for their flats for over a decade — said construction activities had ceased entirely, despite promises By Suraksha to improve pace from the fourth month since the plan's approval. The limited work undertaken during the IRP regime stopped after the previous contractor's removal. Of 97 towers across nine projects, tenders were floated for only 41 towers by Aug 2024, with no progress on the remaining 56 as yet. The homebuyers alleged that Suraksha had unilaterally increased administrative and transfer charges, demanding more than Rs 8,000 per sqft for unsold units, which was significantly higher than the resolution plan's estimate of Rs 4,575. Sources in the company admitted that construction had taken a hit because of various stages of GRAP imposed since Nov. For the buyers, patience is waning. "We have waited long enough. Our dreams of owning a home are fading because of such unwarranted delays. We need action on the ground now.
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