New Delhi, Mar 7 (IANS): In a huge relief for home buyers, the National Company Law Tribunal (NCLT) on Tuesday gave the go-ahead to the resolution plan submitted by Mumbai-based Suraksha group's to acquire Jaypee Infratech Ltd through the insolvency process.

A two-member principal bench of the NCLT, headed by President Ramalingam Sudhkar, approved the resolution plan.

The Suraksha group had proposed to complete around 20,000 flats in Noida and Greater Noida, which came as a relief to home buyers who have been waiting for their homes for more than 10 years.

In November last year, the tribunal had reserved its order on the plea filed by the resolution professional of Jaypee Infratech Ltd (JIL) seeking approval for Suraksha group's bid to complete around 20,000 flats across various stalled projects in Noida and Greater Noida.

The Committee of Creditors (CoC), which includes banks and home buyers, gave its approval in June 2021, to Suraksha group to take over the JIL. The CoC's decision came as a ray of hope for nearly 20,000 home buyers, who are waiting to get possession of their flats in the stalled projects. The corporate insolvency process of Jaypee Infratech Ltd (JIL) started in August 2017.

The detailed order in the matter will be uploaded later in the day.

The ruling came about six years after the construction company entered the insolvency process, and nearly two years after the lenders' committee gave its nod for Suraksha group's offer.