Uttar Pradesh Yet to Approve Suraksha's Jaypee Plan
Real Estate

Uttar Pradesh Yet to Approve Suraksha's Jaypee Plan

The Uttar Pradesh government has yet to approve Suraksha Group's resolution plan for Jaypee Infratech, a delay that continues to keep the fate of thousands of homebuyers in limbo. Suraksha Group, which emerged as the successful bidder for the debt-laden Jaypee Infratech, is waiting for the final nod to proceed with its plans to revive the stalled projects.

Jaypee Infratech, a key player in the real estate sector, has been undergoing insolvency proceedings since August 2017. The company's downfall left numerous housing projects incomplete, affecting over 20,000 homebuyers. The National Company Law Tribunal (NCLT) had approved Suraksha Group's bid earlier this year, offering a ray of hope to the affected homebuyers and financial creditors.

Suraksha's resolution plan includes the completion of pending housing projects and the settlement of dues to creditors. However, the plan is contingent upon the approval from the state government, which is a critical step in the resolution process. The delay in approval has raised concerns among stakeholders who are eagerly awaiting the resumption of construction activities and the delivery of homes.

The resolution plan proposes a structured approach to reviving Jaypee Infratech, focusing on timely delivery and adherence to regulatory compliances. Suraksha Group has assured homebuyers and creditors of their commitment to completing the projects within the stipulated timelines, provided they receive the necessary approvals without further delays.

The Uttar Pradesh government's decision is crucial as it will set the course for the revival of Jaypee Infratech and the resumption of construction on the long-stalled projects. The authorities are expected to thoroughly review the resolution plan to ensure it aligns with the regulatory framework and safeguards the interests of all stakeholders.

In the meantime, the prolonged wait for approval has added to the anxiety of homebuyers who have already faced significant delays and financial stress. The timely intervention and decision by the state government are imperative to restore confidence and expedite the resolution process.

As the resolution plan awaits the green light, the focus remains on the Uttar Pradesh government's decision, which holds the key to unlocking the potential revival of Jaypee Infratech and bringing relief to thousands of homebuyers and creditors.

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

The Uttar Pradesh government has yet to approve Suraksha Group's resolution plan for Jaypee Infratech, a delay that continues to keep the fate of thousands of homebuyers in limbo. Suraksha Group, which emerged as the successful bidder for the debt-laden Jaypee Infratech, is waiting for the final nod to proceed with its plans to revive the stalled projects. Jaypee Infratech, a key player in the real estate sector, has been undergoing insolvency proceedings since August 2017. The company's downfall left numerous housing projects incomplete, affecting over 20,000 homebuyers. The National Company Law Tribunal (NCLT) had approved Suraksha Group's bid earlier this year, offering a ray of hope to the affected homebuyers and financial creditors. Suraksha's resolution plan includes the completion of pending housing projects and the settlement of dues to creditors. However, the plan is contingent upon the approval from the state government, which is a critical step in the resolution process. The delay in approval has raised concerns among stakeholders who are eagerly awaiting the resumption of construction activities and the delivery of homes. The resolution plan proposes a structured approach to reviving Jaypee Infratech, focusing on timely delivery and adherence to regulatory compliances. Suraksha Group has assured homebuyers and creditors of their commitment to completing the projects within the stipulated timelines, provided they receive the necessary approvals without further delays. The Uttar Pradesh government's decision is crucial as it will set the course for the revival of Jaypee Infratech and the resumption of construction on the long-stalled projects. The authorities are expected to thoroughly review the resolution plan to ensure it aligns with the regulatory framework and safeguards the interests of all stakeholders. In the meantime, the prolonged wait for approval has added to the anxiety of homebuyers who have already faced significant delays and financial stress. The timely intervention and decision by the state government are imperative to restore confidence and expedite the resolution process. As the resolution plan awaits the green light, the focus remains on the Uttar Pradesh government's decision, which holds the key to unlocking the potential revival of Jaypee Infratech and bringing relief to thousands of homebuyers and creditors.

Next Story
Infrastructure Urban

Govt approves NPCIL-NTPC JV company ASHVINI to start nuclear power generation

The Government on September 11, 2024 accorded approval to the Anushakti Vidhyut Nigam Ltd. (ASHVINI), a Joint Venture (JV) of Nuclear Power Corporation of India Limited – NPCIL (51%) and NTPC Ltd. (49%) to build, own & operate nuclear power plants in India in accordance with provisions of the Atomic Energy Act. Additionally Govt. of India has approved transfer of Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) 4x700 MWe based on indigenous PHWR technology, from NPCIL to the JV Company ASHVINI. The Govt has also approved exemption to NPCIL to invest more than Rs 5 billion and exemptio..

Next Story
Infrastructure Urban

CRC Group partners with Dubai’s Killa Design for luxury Noida project

Noida-based real estate developer CRC Group has teamed up with renowned Dubai architect Shaun Killa to design an ultra-luxury residential project in Greater Noida. Shaun Killa, known for iconic structures such as Dubai's Museum of the Future and the Bahrain World Trade Centre, brings his expertise in sustainability and innovation to the collaboration. Killa expressed excitement about the partnership, stating, "Our goal is to create a design that stands the test of time, respects the environment, and complements the culture of the region." The project, set to feature between 375 to 400 luxury u..

Next Story
Infrastructure Urban

Nexus Venture sells stake in India Shelter Finance for Rs 4.82 billion

Venture capital firm Nexus Venture Partners divested a 5.97% stake in India Shelter Finance Corporation for Rs 4.82 billion through open market transactions. India Shelter Finance, based in Gurugram, caters to first-time home loan buyers in Tier-II and Tier-III cities, focusing on the low- and middle-income segments. Nexus, via its affiliates Nexus Ventures III and Nexus Opportunity Fund II Ltd, sold 6.4 million shares in two bulk deals on the BSE, priced between Rs 752.35 and Rs 753.27 per share, resulting in a total deal value of Rs 4.81 billion. This transaction reduced Nexus' stake in the ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000