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NCLT sets up panel to assess progress of projects under Jaypee Infratech

A two-member Delhi-based principal bench of the NCLT has also taken note of the "anguish of homebuyers" and directed the committee to look into their grievances

The NCLT direction came over the application and affidavits filed by the flatbuyers of Jaypee Infratech. Photo: Pexels

2 min read Last Updated : Feb 16 2026 | 1:52 PM IST

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The National Company Law Tribunal (NCLT) has appointed a two-member committee to assess the progress of construction of projects of Suraksha Group-controlled Jaypee Infratech and submit a comprehensive status report before it.

The Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Ltd (JIL) was initiated on August 9, 2017.

On March 7, 2023, Suraksha Group's bid was approved by the insolvency tribunal. However, buyers are now complaining of inordinate delays in completion of the project.

A two-member Delhi-based principal bench of the NCLT has also taken note of the "anguish of homebuyers" and directed the committee to look into their grievances.

The NCLT direction came over the application and affidavits filed by the flatbuyers of Jaypee Infratech.

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"Without prejudice to the contentions raised in this application and various reports, replies affidavit filed which in order to enable anguish of homebuyers' before us, in the interregnum, we are inclined to appoint former Members of NCLT PK Mohanty and Deepti Mukesh to undertake an exercise to assess the progress of construction of the projects in relation to the approved resolution plan dated March 7, 2023," it said.

The insolvency tribunal has also directed them to "give a complete, comprehensive report on the status and grievance, if any." The NCLT has directed all the parties "to cooperate with both the Members without demur" and has listed the matter on April 1, 2026, for next hearing.

The order was passed on February 12, 2026 by an NCLT bench comprising Justice Ramalingam Sudhakar ( President) and Ravindra Chaturvedi Member (Technical).

The flatbuyers' association has raised grievances over the progress of construction of real estate projects and compliance with obligations under the Resolution Plan approved by the NCLT.

Mumbai-based Suraksha Group, in its final resolution plan, promised to complete around 20,000 homes across various stuck residential projects and then offer possession to distressed homebuyers.

On June 4, 2024, Suraksha Group took control of JIL following the insolvency appellate tribunal NCLAT decision upholding its bid to acquire JIL.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)