NCLT clears Suraksha Realty's Rs.7,936-Cr takeover of Jaypee Infratech

The National Company Law Tribunal (NCLT) has approved Suraksha Realty's takeover of the debt-laden property and infrastructure company Jaypee Infratech, dismissing three different appeals against the INR 7,936-crore resolution bid. The bench directed Suraksha to form a monitoring committee within seven days to immediately start construction, monitor the day-to-day progress, and file a monthly update with the court. Suraksha has also been directed to deliver possession of the units to home buyers as per the time frame promised. Three petitioners - UP government's Yamuna Expressway Industrial Development Authority (YEIDA), ICICI Bank (one of the creditors to the company) and the firm's erstwhile promoters - had filed different appeals against the Suraksha ARC resolution plan. All these appeals were dismissed by the court.