Suraksha City of the Ganges: NCLT approval of Jaypee Infratech bid, 7 March 2023

What was decided

The NCLT approved the Mumbai-based Suraksha Group's bid to buy Jaypee Infratech Ltd (JIL), a Jaypee group company in insolvency. The tribunal approved the resolution plan submitted by Suraksha Realty along with Lakshdeep Investments and Finance, including the addenda that the committee of creditors had approved. The order concerns the company's acquisition and its stalled housing projects. It does not grant planning permission, notify a township, or fix land-use or land-rate terms for any named city.

The Tribune/PTI report describes the ruling as relief for more than 20,000 homebuyers, nearly six years after JIL entered insolvency in 2017.

Decision body and timeline

• August 2017: insolvency process against JIL began on an application by an IDBI Bank-led lender group.
• March 2020: NCLT had earlier approved an NBCC plan, which was then challenged at the appellate tribunal and the Supreme Court.
• June 2021: the committee of creditors approved Suraksha's offer.
• 22 November 2022: NCLT reserved its order on the interim resolution professional's application.
• 7 March 2023: NCLT approved the resolution plan.
• 24 May 2024: NCLAT upheld the approval and added the YEIDA compensation direction.
• June 2024: Suraksha took control of JIL and constituted a new board.

Operative terms of the order

The bench said the successful resolution applicant must deliver units to homebuyers within the time frame in the resolution plan. A monitoring committee was to be constituted under the plan within seven days, to supervise construction and infrastructure work day to day and file monthly reports with NCLT.

A later company filing said the committee was formed as a five-member Implementation and Monitoring Committee, including the interim resolution professional, two Suraksha representatives, a lender representative and a homebuyer representative.

No boundary coordinates, notified area, or per-acre rate for City of the Ganges appear in the order or in the reports reviewed. The only land figures found relate to the resolution plan itself: Suraksha identified 2,552 acres of land parcels for lenders, and reports say 2,372 acres were earmarked for assenting lenders and 180 acres separately for ICICI Bank. These are settlement terms under the plan, not a City of the Ganges land-use schedule.

Practical effect

For homebuyers, the order made Suraksha the approved buyer of JIL and put a court-supervised completion obligation on it. For the township, the order has no direct effect. City of the Ganges is a separate project announced by Suraksha, and it has no approval status shown in the sources reviewed.

Readers should not treat the 2023 order as evidence that City of the Ganges has been notified, approved, or started. Those would require separate authority records, which were not found.

Status as of October 2026

As of October 2026, the sources describe the following:

• Suraksha reports completing 84 towers and 7,913 units since taking control, and says more than half of planned construction is complete.
• Its public targets conflict. One report gives March 2028 for about 20,000 units; another gives September 2028 for all remaining residential projects, backed by a Rs 3,000 crore commitment.
• A report from early October 2026 says a committee appointed by NCLT found construction lagging the resolution plan and alleged fund diversion. These are reported findings, not final court rulings, and the company's response was not found in the sources reviewed.
• A separate 2026 report says NCLT appointed a two-member committee in February 2026 to monitor construction and handle homebuyer grievances.

What is not in the record

The following were searched for and not found: notified boundaries for City of the Ganges, an approved land-use split, land rates, a phase schedule for the township, and an approval or notification number for the township. These fields are left blank on purpose.