A Uttar Pradesh government-appointed committee has begun examining whether Suraksha Group is complying with the NCLT-approved resolution plan for Jaypee Wish Town in Sector 128, including the pace of construction, utilisation of funds collected from homebuyers and deployment of manpower, officials said on Wednesday.
“We are investigating various issues to see whether the resolution plan approved by the NCLT is being fully complied with. We are assessing the actual progress of construction and whether funds received from homebuyers are being utilised for the purpose for which they were collected.
We will also see if adequate manpower has been deployed to complete the work on time,” said Santosh Kumar, Noida authority’s officer on special duty, who heads the committee. The committee began a series of meetings with representatives of Suraksha Group and homebuyers on Wednesday. The meetings will continue on Thursday and Friday and may be extended if required, officials said.
Besides Kumar, it comprises two officials each from the planning and finance departments of the Noida and Yamuna authorities. The state government constituted the five-member committee on September 11. Of the 250 residential towers planned by Jaypee Infratech Limited (JIL), 91 towers comprising 12,867 units had been completed before Suraksha took over the debt-ridden company, according to the report. The report said Suraksha was required to complete residual work on 62 other near-complete towers, comprising 6,067 units, within 18 months. However, more than two years later, 3,444 offers of possession had been issued and 2,614 sub-lease deeds executed. The committee said more than 6,000 offers of possession could have been issued by then. In September, Suraksha Group promoter Sudhir Valia said the company had completed 84 of the 159 towers that were stalled when it took over JIL’s operations. The company also said it had handed over possession of 5,000 flats to homebuyers.
Ashish Mohan Gupta, president of JIL Real Estate Allottees Welfare Society (JREAWS), said the NCLT-appointed committee had upheld homebuyers’ complaints about delays.
