The National Company Law Tribunal (NCLT) on Tuesday approved the Mumbai-based Suraksha group’s bid to buy Jaypee Infratech Ltd, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process.

The ruling, which also comes nearly two years after the Committee of Creditors (CoC) gave its nod for Suraksha group’s offer, will pave the way for the completion of more than 20,000 housing units in various stalled projects of Jaypee Infratech Ltd (JIL) spread across Noida and Greater Noida in the national capital region.

A two-member Principal bench of the NCLT headed by President Ramalingam Sudhakar on Tuesday approved the resolution plan, more than three months after concluding the hearing and reserving the order.

“We have no other option but to approve the Resolution Plan submitted by Suraksha Realty Ltd along with Lakshdeep Investments and Finance Pvt Ltd along with addendums as duly considered, approved, and recommended by the CoC and placed by the Applicant/ IRP of JIL before this Adjudicating Authority,” the NCLT said.

While passing the order, the tribunal rejected the objections made by Yamuna Expressway Industrial Development Authority, dissenting financial creditor ICICI Bank and JIL’s parent firm Jaiprakash Associates (JAL).

In its 491-page order, the NCLT also directed that JIL will get Rs 542.62 crore out of Rs 750 crore deposited by Jaiprakash Associates Ltd (JAL) in the registry of the Supreme Court while Rs 106.9 crore will go to an escrow account of homebuyers. JAL will get only Rs 100.48 crore.

As per a Supreme Court order, JAL had in 2018 deposited a total of Rs 750 crore in several tranches before the registry of the apex court.

A monitoring committee will be set up by Interim Resolution Professional in seven days, and it will take all necessary steps for expeditious implementation of the resolution plan, the bench noted.

“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,” it added.

NCLT okay

■ Tribunal approves Suraksha bid for Jaypee Infra

■ More than 20,000 housing units of Jaypee will be completed by Suraksha

■ Monitoring panel will ensure homes are build within timeline

■ Resolution took more than 5 years