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The takeover of Jaypee Infratech Ltd. (JIL) by Suraksha Realty and Lakshdeep Investments and Finance was approved by the National Company Law Tribunal (NCLT) providing relief for 20,000 homebuyers who purchased the houses by Jaypee in Noida and Greater Noida. The development has occurred six years after Jaypee Infratech began the insolvency process.
Three months after the hearing was over and the order was reserved, a two-member principal bench of the NCLT presided over by president Ramalingam Sudhakar approved the consortium's settlement plan of Suraksha Realty and Lakshdeep Investments and Finance. The bench had reserved its decision over the offer in November 2022.
The Interim Resolution Professional was ordered by the two-member NCLT bench to establish an implementation monitoring committee within seven days. Representatives from the Suraksha Group, IRP Anuj Jain, the lenders, and Kuldeep Verma, the authorised agent of the homeowners are anticipated to be a part of the committee.
Suraksha Realty is a real estate development company based in Mumbai, India. The company was founded in 1986 and has since then been engaged in developing and managing residential and commercial properties across the country. Suraksha Realty is known for its quality construction and timely delivery of projects and has a reputation for providing affordable housing solutions to the middle-income segment of the population.
The company has undertaken several projects in Mumbai, Pune, Bengaluru, and other major cities in India, and has received several awards for its innovative and sustainable designs. With a focus on customer satisfaction and transparent dealings, Suraksha Realty has established itself as a trusted brand in the Indian real estate market.
Lakshdeep Investments & Finance Limited (LIFL) is a non-banking financial company (NBFC) based in Mumbai, India. The company provides a wide range of financial products and services such as loans, trade finance, investment banking, and advisory services to small and medium-sized enterprises (SMEs) and individuals. LIFL's focus is primarily on providing financial solutions to the real estate sector, with a particular emphasis on affordable housing projects.
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