Bogged down by a Rs 23,000 crore debt, Jaypee Infratech had to undergo insolvency in 2017, and 20,000 homebuyers have been waiting for a resolution along with creditors. The troubled firm has also posted a loss of Rs 601 crore in the past quarter while the National Company Law Tribunal was considering bids for resolving its debt. Now the NCLT has given a nod to Mumbai-based Suraksha group to take over Jaypee Infra and deliver completed houses to homebuyers in Delhi and NCR.
Abandoned projects held thousands hostage
The commitment to wrap up work on abadoned projects in Noida and Greater Noida, was one of the key proposals made by Suraksha in its resolution plan. In the six years that took for the resolution to go through, Jaypee has been staying afloat on earnings from the Yamuna Expressway project and a healthcare business.
Long wait for relief
After creditors and homebuyers had approved Suraksha's bid with a 98 per cent vote back in 2021, it took two years for the NCLT to deliver a verdict, after reserving the order in November 2022. The resolution will finally bring respite and optimism to 20,000 homebuyers who had invested hard earnend money into the flats promised by Jaypee Infra.
