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Jagran correspondent, Noida. The construction work being done under the resolution plan in Jaypee Infratech will be monitored by two former members of NCLT (National Company Law Tribunal). NCLT has issued this order on the petition filed by the buyers in December 2024.
This responsibility has been given to former members PK Mohanty and Dr. Deepti Mukesh. Both will also get an honorarium of Rs 2.5-2.5 lakh per month. While filing the petition, the buyers alleged that the codeveloper did not invest in Jaypee's projects under the resolution plan nor did the buyers get the houses on time.
The bankruptcy proceedings against JP started in 2017. Banks and buyers had spent thousands of crores on the company. In March 2023, NCLT had approved the resolution plan of Mumbai-based company Suraksha Realty Private Limited.
Under the plan, Suraksha Realty was to complete the incomplete projects of Jaypee. This included several projects of Jaypee Infrotech Limited (JIL) including Wishtown. A total investment of Rs 20363 crore was proposed in the plan. This included flat delivery to buyers and compensation to farmers.
JIL Real Estate Allottees Welfare Association (JRAWAS) President Ashish Mohan Gupta said the decision is in the interest of buyers. The association is continuously registering complaints. Security did not fully implement the resolution plan. Former members will monitor the progress of the resolution plan and report to NCLT.
There are allegations of fraud on security
In January 2026, ED (Enforcement Directorate) has lodged an FIR in the EOW (Economic Offenses Wing) of Delhi Police. Suraksha Realty and its associate Lakshdeep Investments are accused of fund diversion of Rs 235 crore from Jaypee Infratech. Under the resolution plan, Suraksha did not take loan of Rs 3000 crore in 90 days. More than 20 thousand buyers are waiting to get homes in Jaypee's projects.
Members will bring transparency in resolution plan
Association President Ashish Mohan Gupta said that several rounds of meetings were held with the security. It was requested to implement the resolution plan in full. This plan was not implemented from security side. After this a petition was filed in NCLT. Transparency will increase due to monitoring of the resolution plan by both the former members of NCLT. Buyers will also be able to present their views before them.
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