More than 50 percent of Jaypee projects have been given a two-year deadline

Suraksha Realty and Lakshdeep Investments and Finance Consortium have been given a time-frame of two years to complete twenty four Jaypee Infratech Ltd projects undertaken by then as part of the approved resolution process. Of the projects assigned to them, fifteen are in Noida, eight are adjacent to Yamuna Expressway and one is in Agra. Those projects that are already under construction have been given six months to complete.

A resolution plan was approved by the NCLT earlier this month which entailed Suraksha Realty and Lakshdeep Investments and Finance to take over stalled Jaypee Infratech projects across the country and complete them within two years. The group will invest approximately Rs 4,300 crore of the entire sum to finish the projects deliver the apartments to homeowners and give refunds.

An estimated 20,000 purchasers who have been waiting more than ten years for their properties stand to benefit from this resolution plan. The Rs 12,147 crore resolution plan aims to take into consideration the interests of all parties, including corporate debtors and operational and financial creditors.

According to sources, the implementation and monitoring committee will include officials from Suraksha Realty, Lakshdeep, Kuldeep Verma, the National Asset Reconstruction Company, which has assumed the debt of banks and financial institutions, and the interim resolution specialist Anuj Jain.

In an order issued by the NCLT, the monitoring committee has been directed to supervise and monitor the progress of the construction of units and related infrastructure developments on a day-to-day basis and file the progress report before this adjudicating authority on a monthly basis. It also mandated that the resolution applicants’ hand over the keys to the apartments to the allottees and homebuyers strictly within the time frame specified in the resolution plan.

The order also state that the monitoring committee shall forfeit the performance security furnished by the resolution applicant in the form of performance bank guarantees and the successful resolution applicant will be subject to such other action(s) as may be permitted by law.

Next (Propsamc by Square Yards raises over 100crores in a single quarter)

More than 50 percent of Jaypee projects have been given a two-year deadline

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