New Delhi, February 16 The National Company Law Tribunal (NCLT) has appointed a two-member committee to assess the progress of construction of projects of Jaypee Infratech, controlled by the Suraksha Group, and submit a comprehensive status report to it.
The Corporate Insolvency Resolution Process (CIRP) against Jaypee Infratech Ltd (JIL) was initiated on August 9, 2017.
On March 7, 2023, the insolvency tribunal approved the bid of the Suraksha Group. However, buyers are now complaining of excessive delays in the completion of the project.
A two-member principal bench of the NCLT, based in Delhi, has also taken note of the "anguish of homebuyers" and directed the committee to address their grievances.
The NCLT direction came in response to the application and affidavits filed by the flat buyers of Jaypee Infratech.
"Without prejudice to the contentions raised in this application and various reports, we are inclined to appoint former members of the NCLT, PK Mohanty and Deepti Mukesh, to undertake an exercise to assess the progress of construction of the projects in relation to the approved resolution plan dated March 7, 2023, in order to enable the homebuyers to express their concerns to us," it said.
The insolvency tribunal has also directed them to "provide a complete and comprehensive report on the status and any grievances."
The NCLT has directed all the parties "to cooperate with both members without demur" and has listed the matter for the next hearing on April 1, 2026.
The order was passed on February 12, 2026, by an NCLT bench comprising Justice Ramalingam Sudhakar (President) and Ravindra Chaturvedi (Member – Technical).
The flat buyers' association has raised grievances regarding the progress of construction of real estate projects and compliance with obligations under the Resolution Plan approved by the NCLT.
Mumbai-based Suraksha Group, in its final resolution plan, promised to complete around 20,000 homes across various stuck residential projects and then hand over possession to distressed homebuyers.
On June 4, 2024, the Suraksha Group took control of JIL following the decision of the insolvency appellate tribunal, NCLAT, upholding its bid to acquire JIL.