NCLT Forms Panel to Review Progress of Jaypee Infratech Projects

The National Company Law Tribunal has appointed a 2-member committee to assess the construction progress of projects undertaken by Suraksha Group controlled Jaypee Infratech Ltd and submit a detailed status report before it, as per PTI reports. 

NCLT Orders Review of Jaypee Infratech Project Progress 

The Corporate Insolvency Resolution Process against Jaypee Infratech Ltd was initiated on August 9, 2017. On March 7, 2023, the tribunal approved the resolution plan submitted by Mumbai based Suraksha Group. However, several homebuyers have raised concerns over delays in project completion. 

A Delhi-based principal bench of the tribunal directed the formation of a committee to assess construction activity in line with the approved resolution plan dated March 7, 2023. The bench also instructed the panel to examine grievances raised by homebuyers and submit a comprehensive report on project status and related issues. 

Read More: Vedanta Challenges Adani Plan for Jaiprakash Associates in NCLT! 

Committee Members and Tribunal Directions 

The tribunal appointed former members PK Mohanty and Deepti Mukesh to conduct the assessment. The order was passed on February 12, 2026, by a bench comprising Justice Ramalingam Sudhakar, President, and Ravindra Chaturvedi, Member Technical. 

The tribunal directed all concerned parties to cooperate with the appointed members and scheduled the next hearing for April 1, 2026. 

Background of Insolvency and Resolution Plan 

Jaypee Infratech Ltd entered insolvency proceedings in 2017. On June 4, 2024, Suraksha Group took control of the company following a decision by the National Company Law Appellate Tribunal upholding its bid. 

Under its approved plan, Suraksha Group committed to complete around 20,000 homes across stalled residential projects and hand over possession to homebuyers.  

Flat buyers associations have filed applications citing concerns regarding construction pace and compliance with obligations under the approved resolution framework. 

Conclusion 

The tribunal’s decision to appoint a 2-member panel reflects continued judicial monitoring of the Jaypee Infratech matter. The committee’s report is expected to clarify construction status and document grievances ahead of the hearing scheduled for April 1, 2026. 

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