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New Delhi: National Company Law Tribunal (NCLT) is scheduled to pronounce its verdict in the Mumbai-based case on Tuesday security groupbid to take over Jaypee Infratech Ltd. through the insolvency process. In late November last year, the NCLT reserved its order on Suraksha Group’s bid to acquire Jaypee Infratech Ltd and complete around 20,000 flats for distressed home buyers.
one in regulator In the filing, Jaypee Infratech Limited informed that the matter is “listed before the Hon’ble National Company Law Tribunal, Principal Bench, New Delhi on 7th March 2023 for order(s)/appropriate directions.”
In June 2021, Suraksha Group gets approval from financial creditors and homebuyers to takeover Jaypee Infratech Ltd, raising hopes of 20,000 homebuyers getting possession of their dream flats in stalled projects, mainly in Noida and Greater Noida .
The Corporate Insolvency Resolution Process (CIRP) against JIL was initiated in August 2017.
It was among the first list of 12 companies against which the Reserve Bank of India (RBI) directed banks to approach the NCLT for initiating insolvency proceedings.
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