Allow Work To Start On 6 Projects Of Wish Town, Panel To Tell Nclat, ET RealEstate

October 2, 2023

NOIDA: An implementation and monitoring committee headed by the CEO of Suraksha Group is planning to soon file an application at the National Company Law Appellate Tribunal (NCLAT), seeking permission for construction work to resume at six projects of Jaypee Wish Town that have been stalled since 2014.

The six projects in Sector 128 – Garden Isle, Kube, Orchards, Krescent Homes, Kasa Isle and Pebble Court – have 9,320 flats across 82 towers. A little more than 50% of the construction work was done before it came to a complete stop nine years ago.

Officials said if the NCLAT gave an order in favour of the committee, it would soon award tenders to resume construction. Once the work starts, a majority of the 9,000-odd flats are expected to be ready in two years. Apart from two members of Suraksha, the committee has an IRP, and one representative each of the financial creditors and homebuyers as members.

In March this year, the National Company Law Tribunal (NCLT) had allowed the Suraksha Group to take over Jaypee Infratech’s stalled projects. The tribunal also ordered the formation of the implementation and monitoring committee.

Allowed to take over JIL, Suraksha said they would not interfere with the construction that was already going on at four projects – Kosmos, Klassic, Kensington Boulevard and Kensington Park – through JAL (Jai Prakash Associates). It said it would concentrate only on resuming work at the six other projects at Wish Town. The committee then floated tenders in August this year to revive the construction work.

Suraksha also submitted a resolution plan to the Yamuna Expressway Authority, whose board agreed to the recommendations. The resolution plan was then forwarded to the state government for approval.

Aalok Dave, MD and CEO of the Suraksha Group, said an approval from the government would move them a step closer to the implementation of the resolution plan.

“Suraksha had submitted the proposal to the Yamuna Expressway Authority for amicably resolving all outstanding issues related to the project. Suraksha believes that it is in the interest of all stakeholders to amicably resolve the pending issues and ensure swift rehabilitation and revival of the project. We have learnt that our proposal was favourably considered by the YEIDA board and we are pleased to know that it has been forwarded to the cabinet (state government) for consideration and approval. This is a significant and positive stride towards rehabilitation of the project and we are grateful to YEIDA for the support,” Suraksha said.

The plan to start work, however, hit a hurdle when JAL moved the NCLAT against NCLT’s March order allowing the committee to proceed with the construction.

So now, NCLAT’s decision is key to resuming work at the projects stalled since 2014.

  • Published On Oct 2, 2023 at 08:44 AM IST

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