5 yrs & 100+ hearings but many Jaypee buyers no closer to flats

Vote In Suraksha’s Favour Last June, But Still No Decision At NCLT

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WHAT HAPPENED OVER THE YEARS

2017 Aug 9 | NCLT initiates insolvency resolution of Jaypee Infratech Ltd (JIL). On Sept 4, SC stays proceedings, issues notices

2018  SC orders commencement of insolvency resolution. NBCC, Suraksha, L&T, Kotak and ICUBE enter race

2019  Jaypee promoter Manoj Gaur makes fresh pitch to clear dues, retain control. After NBCC & Suraksha sweeten offer, IRP puts Suraksha’s offer to vote

But Suraksha plan is voted out and resolution deadline ends in May. Banks seek extra time to put together new plan, while NBCC, homebuyers insist on voting on PSU’s original bid

On July 30, NCLAT allows fresh bidding. In a Nov hearing, SC gives 90 days to complete resolution

2020 Mar 3 | NCLT clears NBCC plan after committee of creditors approves it. In August, SC transfers all pending cases related to JIL from NCLAT to itself

2021  SC seeks fresh offers from NBCC, Suraksha. Committee of creditors declares NBCC offer non-compliant

In the vote to decide who will take over JIL, Suraksha beats NBCC

2022 Resolution yet to be reached at NCLT. More than 60 hearings have taken place