The National Company Law Tribunal (NCLT) has appointed a two-member committee to assess the progress of construction of projects of Suraksha Group-controlled Jaypee Infratech and submit a comprehensive status report against the backdrop of home buyers complaining of inordinate delays.

The NCLT direction came over the application and affidavits filed by the flatbuyers of Jaypee Infratech.

A corporate insolvency resolution process (CIRP) against Jaypee Infratech Ltd was initiated on August 9, 2017. On March 7, 2023, Suraksha Group's bid was approved by the insolvency tribunal.

A two-member Delhi-based principal bench of the NCLT took note of the "anguish of homebuyers" and directed the committee to look into their grievances.

"....we are inclined to appoint former members of NCLT P.K. Mohanty and Deepti Mukesh to undertake an exercise to assess the progress of construction of the projects in relation to the approved resolution plan dated March 7, 2023," the NCLT bench said.

The insolvency tribunal has also directed them to "give a complete, comprehensive report on the status and grievance, if any."

The NCLT has directed all the parties "to cooperate with both the members without demur" and has listed the matter on April 1, 2026, for next hearing.

The order was passed on February 12 by an NCLT bench comprising Justice Ramalingam Sudhakar (president) and Ravindra Chaturvedi (member, technical).

The flatbuyers' association has raised grievances over the progress of construction of real estate projects and compliance with obligations under the Resolution Plan approved by the NCLT.

Mumbai-based Suraksha Group, in its final resolution plan, promised to complete around 20,000 homes across various stuck residential projects and then offer possession to distressed homebuyers.

On June 4, 2024, Suraksha Group took control of Jaypee Infratech following the insolvency appellate tribunal NCLAT decision upholding its bid to acquire Jaypee Infratech.