In a big relief to over 20,000 homebuyers, Suraksha Group has taken control of the debt-ridden realty firm Jaypee Infratech by constituting a three-member board and will soon infuse Rs 125 crore equity fund to start construction of stalled housing projects across Delhi-NCR.
The takeover follows
India News: The National Company Law Tribunal has ordered the initiation of insolvency proceedings against Jaiprakash Associates Ltd (JAL). This action comes six
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Suraksha Group, having had its resolution plan for Jaypee Infratech Limited (JIL) approved by the NCLAT, is set to take control of the company following a meeting next week. This development brings the group closer to restarting construction on nine stalled projects in Noida s Wish Town and other areas, offering renewed hope to 20,000 buyers who invested in flats 15-20 years ago.
The Allahabad High Court single bench of Justice Shekhar B. Saraf held that if the High Court appoints the arbitrator under Section 11 of the Arbitration Act, it has the jurisdiction to entertain.