Work on eight projects in Wish Town to begin soon

The IMC in a letter to Jaiprakash Associates Limited has asked to hand over the physical possession of the projects without any delay

Noida: Newly finalised contractors are likely to start construction work soon at the delayed eight stalled projects, which are part of the Jaypee Group’s Wish Town township that was taken over by the Mumbai-based Suraksha Group following the national company law tribunal.

The NCLTappointed Implementation and Monitoring Committee has decided to engage the new contractors so that home-buyers can get their apartments ready and the possession without further delay. (Sunil Ghosh/HT Photo)

The National Company Law Tribunal (NCLT)-appointed Implementation and Monitoring Committee (IMC), currently taking care of the work of the company, has decided to engage the new contractors so that home-buyers can get their apartments ready and the possession without further delay.

The Jaypee Group could not start work on these eight projects for the last 8-10 years.

The groups’ holding company, Jaiprakash Associates Limited (JAL) was working as a contractor on these eight projects. But now the Implementation and Monitoring Committee wants the newly finalised contractors to complete and finish the delayed Wish Town projects.

The IMC on Monday wrote a letter to JAL to hand over the physical possession of the projects, which consist 97 towers, without any delay.

The IMC has also decided to deploy its own security agency, removing those appointed by JAL from next month.

This move comes after the recent NCLAT’s order, which stated that it was open for Suraksha Group to start construction in projects where around 20,000 homebuyers have been waiting for their flats for the last 10 years.

“As per the orders passed by the NCLT and NCLAT, the IMC of Jaypee Infratech Limited (JIL) has decided to take steps to expedite the construction work during the pendency of the appeals before NCLAT and the Supreme Court, and the IMC will start the work concerning the construction of 97 stalled towers of the Jaypee Wishtown, Noida, which are delayed for the last 10 years. Please note that in the interest of thousands of homebuyers, the IMC has decided to award fresh contracts to other contractors for these towers, rather than on a bilateral basis to JAL,” said the IMC letter.

The IMC also requested JAL to provide documents and information related to construction drawings of the 97 Stalled Towers, records of tests conducted on-site and off-site, the list of equipment lying on the project sites, service drawings (sewer, water lines, drainage, firefighting), the soil investigation report, and sanctions from various authorities.

It also urged JAL to extend unconditional cooperation to allow access to the new contractors to the construction site of the 97 stalled towers so that construction work can resume in these towers.

In a separate letter on Tuesday, IMC informed JAL that it would directly engage and manage the security services independently in the project sites, namely Garden Isles, Krescent Homes, Kasa Isles, Orchard, Kube, Pebble Court, and Wishpoint situated at Wishtown, Noida, from April 1.

In March last year, Suraksha Group’s bid to acquire JIL was approved by the NCLT. Based on the same order, the IMC was formed to supervise and monitor the progress of construction of units and related infrastructure developments on a day-to-day basis until Suraksha Group takes over the company.

As Suraksha Group is yet to do so, due to pending cases in the courts, the IMC is mandated to make all decisions. Notably, JAL’s as well as its managing director Manoj Gaur’s appeals against the NCLT’s order giving control of the company to Suraksha were dismissed last month.

Manoj Gaur was not available for comments despite attempts. Ajit Kumar legal advisor to Jaypee Group said, “I am not aware of this development.”

Suraksha Group also refused the comment.