NCLT & IBC Committee PHDCCI organised a Roundtable on Recent NCLT Judgment in the Case of Jaypee Infratech Ltd. at PHD House, New Delhi

NCLT & IBC Committee PHDCCI organised a Roundtable on Recent NCLT Judgment in the Case of Jaypee Infratech Ltd. PHDCCI was represented by Mr. GP Madaan, Chair, NCLT & IBC Committee along with Co-Chairs Mr. Abhishek Anand and Mr. Karan Mehra. Experts from the legal fraternity had a detailed discussion on the nuances of the judgment. The experts participated and deliberated on ramifications of the judgment.

Suraksha Realty, a ray of hope for more than 20,000 dejected homebuyers awaiting for their homes for over a decade. Recently the Hon’ble Adjudicating Authority gave nod to the Resolution Plan submitted by a consortium led by Suraksha Realty Limited to takeover Jaypee Infratech. Suraksha Group proposes to complete all the projects and handover the homes to allottees while satisfying the claims of all the financial creditors.

The role of AA, whilst considering the resolution plan approval, is to see that the plan is in compliances of laws as per Section 30(2)(b) of the Code which simultaneously provides that a dissenting financial Creditor is required to be paid minimum liquidation value.

The Tribunal/Appellate Tribunal are striving to protect the interest of all the stakeholders for instance, SRAs, Financial Creditors, Operational Creditors, home buyers, Statutory Authorities, Employees, etc. However, it’s still a work in progress and hopefully, time will come when there will be a perfectly balanced eco system for all the stakeholders under this fairly a new IBC regime

Suraksha Realty Plan seems to be feasible and viable for more than 20,000 Home Buyers. The Home buyers who were waiting for the decisions in their favour, may see this is a Sunshine opportunity for them.