Monitoring panel seeks NCLT direction to implement Suraksha group’s resolution plan
New Delhi: Amid legal challenges for Suraksha group’s successful bid for debt-laden Jaypee Infratech, the monitoring panel set up to oversee the insolvency process has moved the National Company Law Tribunal (NCLT) seeking an appropriate
direction for the smooth and effective implementation of the resolution plan.
While NCLT cleared Suraksha group’s resolution plan back in March 2023, the process is yet to make much progress as the Yamuna Expressway Industrial Development Authority (YEIDA) and Jaiprakash Associates have filed petitions before the National Company Law Appellate Tribunal (NCLAT) challenging the approval.
Jaiprakash Associates is the original promoter of Jaypee Infratech, which entered into insolvency resolution process in 2017.
The implementation of Suraksha group’s resolution plan would come as a major relief for more than 20,000 homebuyers who have invested in Jaypee Infratech projects.
In a regulatory filing on Monday, Jaypee Infratech siad there would be a delay in filing of its annual results for 2022-23 fiscal and the results for the first three quarters of the current financial year.
Jaypee Infratech has not been able to finalise its annual accounts for the 2022-2023 fiscal due to the pending appeals which are factors beyond its control, according to the filing.
While approving the resolution plan, NCLT ordered setting up of the Implementation and Monitoring Committee (IMC) for giving effect to the resolution plan and payments to financial creditors accordingly.
“... in view of the pending appeals (before NCLAT), IMC is of the opinion that the books of accounts may be reinstated post the said appeals attain finality or certainty is achieved with respect to the pending appeals,” the filing said.
IMC has filed an application before National Company Law Tribunal, Principal Bench in New Delhi, “seeking appropriate directions effecting the smooth and effective implementation of resolution plan”, as per the filing.
