A five-member monitoring committee has been formed for the implementation of Suraksha Group's resolution plan to acquire debt-ridden Jaypee Infratech, as per the order of the insolvency tribunal NCLT. On March 7, the National Company Law Tribunal (NCLT) approved Suraksha group's bid to buy Jaypee Infratech Ltd, a development that came as a relief for more than 20,000 stuck homebuyers.
In a regulatory filing, Jaypee Infratech Ltd (JIL) informed that "...in compliance with the order of the NCLT, an 'Implementation and Monitoring Committee' has been formed in accordance with the approved resolution plan." The members of the IMC (Implementation and Monitoring Committee) include Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain.
Suraksha ARC Managing Director and Chief Executive Officer Aalok Dave is also part of the IMC. Suraksha Realty has also appointed Suresh Kumar Bansal to the panel. Kuldeep Kumar, who represents homebuyers in the Committee of Creditors (CoC), is also part of the IMC. On behalf of assenting lenders, Sanjay Kumar Sipani has been appointed in the IMC.
Last week, the NCLT ordered that a monitoring committee will be set up by Interim Resolution Professional (IRP) in seven days, and it will take all necessary steps for expeditious implementation of the resolution plan. "The monitoring committee would supervise and monitor the progress of the construction of units, related infrastructure development on a day-to-day basis and file report before this Adjudicating Authority (NCLT) on a monthly basis," the NCLT bench had said.
The corporate Insolvency Resolution Process (CIRP) against JIL was started in August 2017 over an application by an IDBI Bank-led consortium. In the fourth round of the bidding process to find a buyer for JIL in 2021, the Suraksha group won the bid with 98.66 per cent votes. As per the resolution plan, Suraksha Group will infuse Rs 250 crore in Jaypee Infratech and also arrange a Rs 3,000 crore loan for the completion of around 20,000 apartments in various stalled projects over the next four years.