NCLT Delhi Appoints Two-Member Committee To Monitor Jaypee Infratech Project Progress

The National Company Law Tribunal (NCLT), New Delhi, recently appointed a two-member expert committee to assess the progress of construction of Jaypee Infratech Limited (JIL) projects under the approved resolution plan.

A Bench comprising President Ramalingam Sudhakar and Technical Member Ravindra Charurvedi passed the direction while hearing multiple applications raising concerns regarding delays and grievances of homebuyers. The Bench held:

“Without prejudice to the contentions raised in this application and various reports, replies affidavit filed which in order to enable anguish (IB)-77(ALD)/2017 IDBI Bank Vs. Jaypee Infratech Ltd. of home buyers' before us, in the interregnum, we are inclined to appoint former Members of NCLT Sh. P.K.Mohanty and Dr. Deepti Mukesh to undertake an exercise to assess the progress of construction of the projects in relation to the approved resolution plan dated 07.03.2023 and give a complete comprehensive report on the status and grievance, if any.”

JIL is a real estate company engaged in the development of residential and commercial projects. Jaiprakash Associates Limited (JAL) is its holding company.

Insolvency proceedings against JIL commenced in August 2017 on a plea filed by IDBI Bank. During the course of related litigation, homebuyers approached the Supreme Court. By an interim order, the Supreme Court directed JAL to deposit Rs. 2,000 crore.

Pursuant to the order, JAL deposited Rs. 750 crore. In August 2018, the Supreme Court directed that the Rs. 750 crore, along with accrued interest, be transferred to the NCLT and remain invested subject to its directions.

Subsequently, the NCLT, New Delhi, approved the resolution plan submitted by Suraksha Realty Ltd in March 2023. The plan envisaged completion of stalled projects and delivery of flats to homebuyers. The approval was later upheld by the National Company Law Appellate Tribunal.

On 12 February 2026, the NCLT appointed former NCLT Members P.K. Mohanty and Dr. Deepti Mukesh as members of an expert committee. The committee has been tasked with assessing the progress of construction in relation to the approved resolution plan and submitting a comprehensive report on the status of the projects and any grievances.

The Tribunal further directed that an honorarium of Rs. 2,50,000 per month be paid to each committee member until further orders.

For Applicants: Advocates Aishvary Vikram, Lucky Sharma, Navya Bhagat, Abhindra Maheshwari, Amisha Ray, Rajesh Rai and Rohan Rai, Aishwarya Sinha, Aditya Malhotra and Sankalp Mahindrew

For Respondent: Advocates Ankur Mittal, Aditi Sharma, Arpit Sharma, Ishan Roy Chowdhury and Muskan Khatan

For SRA: Senior Advocates Arvind Nayar, Advocates Sagar Bansal, Shrishty Kaul, Akshay Joshi, Roopsee Pandita and Akansha