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In a significant move to revive long-stalled projects, an implementation and monitoring committee, headed by the CEO of Suraksha Group, is in the process of applying with the National Company Law Appellate Tribunal (NCLAT). This application seeks permission to resume construction activities at six projects of Jaypee Wish Town, which have remained dormant since 2014. The six projects - Garden Isle, Kube, Orchards, Krescent Homes, Kasa Isle, and Pebble Court - collectively include 9,320 flats across 82 towers. Construction had reached a little over 50% completion before it abruptly ceased nearly a decade ago.
If the NCLAT approves the committee's request, tenders for construction will be swiftly issued. The intention is to bring a majority of the 9,000-plus flats to completion within two years. The implementation and monitoring committee, featuring representatives from Suraksha, an Insolvency Resolution Professional (IRP), and delegates from financial creditors and homebuyers, is overseeing this critical phase of the projects.
Earlier this year, the National Company Law Tribunal (NCLT) granted Suraksha Group the authority to take charge of Jaypee Infratech's stagnant projects, leading to the establishment of the implementation and monitoring committee. Suraksha Group pledged to refrain from interfering with the ongoing construction of four projects managed by Jai Prakash Associates. Their exclusive focus has been on resuming work at the six stalled Wish Town projects. The committee initiated the process by inviting tenders in August, indicating a proactive approach towards restarting construction.
Additionally, the Suraksha Group submitted a comprehensive resolution plan to the Yamuna Expressway Authority. This proposal received favourable consideration from the YEIDA board and was subsequently forwarded to the state government for approval. Aalok Dave, the Managing Director and CEO of Suraksha Group expressed gratitude for the support received from YEIDA and underscored the importance of swiftly resolving outstanding issues related to the project. However, a challenge arose when IAL raised objections, leading to an appeal at the NCLAT against the NCLT's March order, which had permitted the committee to proceed with construction.
The fate of these projects now rests with the NCLAT. A favourable decision from the appellate tribunal is crucial not only for the stakeholders but also for the real estate sector. If construction activities resume, it would signify a significant step towards resolving protracted issues, restoring trust among homebuyers, and bolstering the real estate market's confidence. This development stands as a testament to the resilience of stakeholders and their collective efforts to revive these projects, ultimately contributing to the growth of the housing sector.
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