Panel's NCLAT update: Go-ahead for six Jaypee wish town projects
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Panel's NCLAT update: Go-ahead for six Jaypee wish town projects

03 Oct 2023 CW Team

An implementation and monitoring committee, led by the CEO of Suraksha Group, is in the process of preparing an application for submission to the National Company Law Appellate Tribunal (NCLAT). The purpose of this application is to seek permission to recommence construction activities at six projects within Jaypee Wish Town.

These projects, namely Garden Isle, Kube, Orchards, Krescent Homes, Kasa Isle, and Pebble Court, situated in Sector 128, consist of a total of 9,320 flats spread across 82 towers. The construction work on these projects had come to a halt in 2014, with just over 50% of the work completed at that time.

According to officials, if the NCLAT issues a favorable order for the committee, they intend to promptly initiate the process of awarding tenders for resuming construction work. Once the construction activities resume, it is anticipated that a majority of the approximately 9,000 flats will be ready within a span of two years.

The committee comprises members from Suraksha, an Insolvency Resolution Professional (IRP), as well as representatives from the financial creditors and homebuyers.

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An implementation and monitoring committee, led by the CEO of Suraksha Group, is in the process of preparing an application for submission to the National Company Law Appellate Tribunal (NCLAT). The purpose of this application is to seek permission to recommence construction activities at six projects within Jaypee Wish Town. These projects, namely Garden Isle, Kube, Orchards, Krescent Homes, Kasa Isle, and Pebble Court, situated in Sector 128, consist of a total of 9,320 flats spread across 82 towers. The construction work on these projects had come to a halt in 2014, with just over 50% of the work completed at that time. According to officials, if the NCLAT issues a favorable order for the committee, they intend to promptly initiate the process of awarding tenders for resuming construction work. Once the construction activities resume, it is anticipated that a majority of the approximately 9,000 flats will be ready within a span of two years. The committee comprises members from Suraksha, an Insolvency Resolution Professional (IRP), as well as representatives from the financial creditors and homebuyers.

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