NCLT Appoints Expert Panel to Probe Jaypee Infratech Homebuyers’ Grievances Against Suraksha Realty

The National Company Law Tribunal (NCLT), New Delhi Bench, has directed the constitution of an independent expert committee to examine the grievances of homebuyers in the Jaypee Infratech housing projects, which are currently being executed by Suraksha Realty.

The order, passed on February 12, 2026, comes amid mounting concerns raised by allottees regarding delays in construction, uncertainty over possession timelines, and the imposition of what they allege to be arbitrary and compounding interest demands.

Background of the Dispute

The applications prompting the tribunal’s intervention were filed by advocates Ashwarya Sinha and Aditya Malhotra on behalf of several homebuyers. The pleas flagged prolonged delays in project execution and a lack of transparency concerning revised construction schedules. The applicants also objected to additional financial demands raised against allottees, including interest calculations that were described as excessive and unjustified.

Jaypee Infratech had undergone corporate insolvency proceedings, culminating in the approval of a resolution plan dated March 7, 2023. The plan envisaged oversight mechanisms, including the constitution of an Independent Monitoring Committee (IMC), to supervise implementation and safeguard stakeholders’ interests.

However, according to the homebuyers’ submissions, the IMC was dissolved in May 2024 without prior notice or consultation with the affected stakeholders, leaving allottees without an institutional platform to ventilate their grievances.

Tribunal’s Directions

After hearing all parties, the NCLT observed the necessity of an independent review mechanism to protect the interests of the allottees and ensure effective implementation of the approved resolution plan.

In its order, the bench appointed former NCLT members P.K. Mohanty and Dr. Deepti Mukesh as members of the newly constituted expert committee. The committee has been tasked with:

Assessing the progress of construction across the projects;
Evaluating compliance with the resolution plan approved on March 7, 2023;
Reviewing the status of possession and handover of flats/units;
Examining grievances raised by homebuyers, including financial demands and interest calculations;
Submitting a comprehensive report to the tribunal detailing its findings and recommendations.

The tribunal directed that each member of the committee shall be paid an honorarium of ₹2,50,000 per month until further orders are passed based on the committee’s report.

Impact on Homebuyers

The constitution of the expert committee is being viewed as a significant development for thousands of affected homebuyers. Speaking on the order, Sinha stated that the move is expected to create a structured mechanism for addressing grievances and ensuring closer scrutiny of Suraksha Realty’s execution of the projects.

The tribunal emphasized that the committee’s role would be to safeguard the interests of the allottees and provide clarity on the status of construction and delivery obligations.

Next Hearing

The matter has been listed for further consideration on April 1, 2026. The tribunal is expected to review the progress made and consider subsequent directions after examining the committee’s report.

The latest order underscores the NCLT’s continued supervisory role in ensuring adherence to approved resolution plans under India’s insolvency framework and in balancing the interests of homebuyers in large-scale real estate insolvency cases.