NOIDA: The National Company Law Tribunal (NCLT) has made a committee of two retired members to prepare a comprehensive report on the status of Jaypee Wish Town projects.
The move follows a petition filed by a group of homebuyers alleging slow progress of construction.
The NCLT principal bench on Thursday directed that former members, PK Mohanty and Dr Deepti Mukesh, undertake an independent assessment of the construction in compliance with the approved resolution plan in the insolvency matter of Jaypee Infratech Ltd.
The order was passed by a bench comprising justice Ramalingam Sudhakar, president, and Ravindra Chaturvedi, member (technical).
Homebuyers, particularly those in the Wish Town township in Noida, have been awaiting possession. The resolution plan was approved on March, 2023.
“Without prejudice to the contentions raised in this application and the various reports and reply affidavits filed, and in order to address the anguish of the homebuyers before us during the interregnum, we are inclined to appoint former Members of the NCLT, P.K. Mohanty and Dr. Deepti Mukesh, to assess the progress of construction of the projects in relation to the approved resolution plan dated March 3, 2023, and to submit a comprehensive report on the status of the projects and any grievances, if any,” the NCLT order published online on Sunday read.
The NCLT added, “An honorarium of ₹250,000 is to be paid per month to each member until further orders. All the parties are directed to cooperate without demur.” The NCLT listed the matter on April 1, 2026.
The plea was filed by JIL Real Estate Allottees Welfare Society (JREAWS). Ashish Mohan Gupta, association’s president, while talking to HT said, “The plea, filed in December 2024 before the National Company Law Tribunal, highlighted homebuyers’ concerns over delays in construction and implementation of the approved resolution plan for Jaypee Infratech Ltd.”
He said the order vindicates their concerns and reinforces that implementation must strictly follow the approved plan, adding that they hope the committee will help expedite work on the ground.
He added, “Homebuyers are recognised stakeholders under the Insolvency and Bankruptcy Code, and their rights cannot remain illusory. The direction is a necessary step towards ensuring accountability, transparency, and time-bound compliance. JREAWS will continue to pursue all lawful remedies to safeguard the interests of homebuyers.”
Homebuyers said the tribunal’s reference to the “anguish of home buyers” reflects their prolonged wait and expressed hope that the independent assessment will bring clarity and ensure effective implementation of the approved plan.
Suraksha Group acquired Jaypee Infratech Ltd in 2024 via an NCLT-approved insolvency process to take over the stalled Jaypee Wish Town projects in Noida. On Sunday, Suraksha Group’s CEO, Abhijit Gohil, told HT, “We will inform the committee that we’ve given possession of around 3,000 flats so far, and an additional 3,000 flats will be handed over. We’re working on the ground as per the resolution plan submitted.”
