The Delhi bench of the National Company Law Tribunal has reserved order on Suraksha group's bid to acquire Jaypee Infratech Ltd, in an order uploaded today.
In 2021, the committee of creditors approved the resolution plan of Suraksha group. After that, the approval was pending in the national company law tribunal.
In 2017, Jaypee Infratech went into insolvency after the tribunal admitted an application by IDBI Bank-led consortium. After that, the resolution process resulted in various litigations in the Supreme Court and the national company law appellate tribunal.
The order from the tribunal would help the 20,000 homebuyers to get the possession of their flats in stalled projects, mainly in Noida and Greater Noida.
Suraksha ARC Managing Director and Chief Executive Officer Aalok Dave, earlier, had said that the company was making preparations internally to start construction work on all stalled projects soon after it gets the national company law tribunal's approval.
Today, shares of Jaypee Infratech Ltd ended 2.8% higher at 1.85 rupees and those of IDBI bank ended 8.2% higher at 58.70 rupees on the National Stock Exchange.
