JIL takeover: Monitoring committee formed, homebuyers not happy with representative

The NCLT in its order has given mandate to the committee to make sure that the construction or the paper work is not hampered in any way until the handover process is complete

Six days after the National Company Law Tribunal (NCLT) approved the resolution plan of the Consortium of Suraksha Realty Limited and Lakshdeep Investments and Finance Private Limited for the takeover of debt-ridden Jaypee Infratech Limited (JIL) and the speedy completion of all stuck realty projects of the company, the implementing and monitoring committee has been formed and it met for the first time on Monday, officials in the know of the matter said.

JIL had not delivered flats in its project Wish Town claiming that the company was bankrupt. (Sunil Ghosh/HT Photo)

The committee comprising five members -- two from consortium of Suraksha Group, one from homebuyers, one from lenders and the resolution professional himself -- discussed the handing over of the control of JIL to the successful resolution professional.

Alok Dave and Suresh Kumar Bansal are the representatives of Suraksha Group, while Kuldip Verma is the homebuyers’ representative. Sanjay Sipani, represents lenders and resolution professional Anuj Jain is the fifth member of the committee, officials said.

The NCLT, in its order on March 7, directed the formation of this committee within seven days. Anuj Jain, who was resolution professional for Jaypee Infratech Limited since August 2017 on Monday was discharged of his duties.

“NCLT-appointed resolution professional Anuj Jain no longer controls the affairs of JIL as he is discharged of his duties as per the NCLT order. Now the control of the JIL is in the hands of the committee that will implement and monitor the construction activities for next 2-3 months until Suraksha Group comes into control of the affairs,” said an official of the Suraksha Group, asking not to be named.

Anuj Jain and homebuyer representative Kuldip Verma did not respond to calls and text messages seeking comment on the handover process.

The NCLT in its order has given mandate to the committee to make sure that the construction or the paper work is not hampered in any way until the handover process is complete.

Meanwhile, homebuyers have written to the committee that homebuyer representative is based in Kolkata and unable to devote the time that the job demands.

“The committee members, particularly representative of homebuyers, need to devote his full time for implementation and proper monitoring of the construction work. Therefore, we demand that someone who is based in Noida or Delhi and can devote maximum time should become part of this committee,” said Ashish Mohan Gupta, president of JIL real estate allottees welfare association.