No Construction After Suraksha Group’s Takeover

23 Dec 2024 CW Team

Homebuyers of Jaypee Infratech Ltd (JIL) have approached the National Company Law Tribunal (NCLT), alleging lack of headway in construction of flats by Suraksha Group despite its resolution plan being approved in March 2023 and upheld by appellate tribunal this May.

In their petition, members of the Jaypee Infratech Real Estate Allottees Welfare Society (JREAWS) alleged that Suraksha - which took over JIL through insolvency proceedings - had failed to mobilise the promised Rs 30 billion required for construction, deploy workers, or even establish escrow accounts as stipulated in the resolution plan. According to the approved resolution plan - passed by NCLAT in May this year - Suraksha was supposed to resume construction of flats within 90 days. Additionally, the buyers alleged stripping of assets, increased charges, and lack of transparency regarding critical structural audits. Suraksha, they said, had even failed to develop a mobile application they had promised to keep homebuyers informed about the status of construction, outstanding dues, and timelines.

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