Jaypee Green Boomerang Residences Sector 128, Noida

Around 2,300 homebuyers of Jaypee Infratech's Wish Town project in Noida moved the Supreme Court, requesting the court to ensure that Jaypee deposits the money needed to complete the project or pays compensation for delays with 18% interest. The homebuyers allege collusion between Jaypee Group and IDBI Bank in initiating insolvency proceedings to defeat the interests of flat buyers.

The Supreme Court stayed insolvency resolution proceedings against Jaypee Infratech, responding to a plea by Noida homebuyers. The court restored the developer's original board of directors and ordered the resumption of consumer cases against the company and its promoters. The court also issued notices to Jaypee, its parent company Jaiprakash Associates, the RBI, IDBI Bank, the finance ministry, and the corporate affairs ministry.

The corporate insolvency resolution process (CIRP) of Jaypee Infratech (JIL) faced a roadblock due to divided homebuyers. One group favored considering resolution plans from Manoj Gaur and Adani group, while the other wanted to explore legal options for flat possession.

The National Company Law Tribunal (NCLT) approved Suraksha Realty's resolution plan to acquire the debt-ridden Jaypee Infratech. The resolution plan aims to complete around 20,000 houses in four years.

Suraksha Group took over the debt-ridden Jaypee Infratech after a long-winded legal process. The takeover followed the NCLAT's decision on May 24, upholding Suraksha Realty's bid to acquire Jaypee Infratech while directing it to pay an additional ₹1,334 crore as farmers' compensation.

Homebuyers of Jaypee's Wish Town project protested against the delay in delivery of their homes, saying they feared another false dawn. This was the first such protest against Suraksha, which took over Jaypee Infratech Ltd (JIL) last May after a long-winded legal process.

Hundreds of frustrated homebuyers protested in Noida against Jaypee Infratech's delayed housing projects, even after the Suraksha Group took over a year ago promising completion within four years. Agitated homebuyers staged a protest, shouted slogans and breached barricades near the Jaypee Infratech's office in Sector 128, Noida.

A local court ordered a 100-metre protest-free zone around Jaypee Infratech's headquarters in Sector 128, Noida, following a civil suit filed by Jaypee Infratech against homebuyers. The court's decision came after a major demonstration on April 10, when over 125 homebuyers demanded clarity on construction timelines.

The Supreme Court issued an ultimatum to Jaypee Infratech homebuyers to either claim their refunds or apply for flat allotments by December 5. The court instructed Suraksha Realty Limited to make a public announcement, informing all affected homebuyers of the cut-off date.

The Supreme Court upheld the initiation of corporate insolvency resolution proceedings against real estate firms Bhasin Infotech and Infrastructure Private Limited and Grand Venezia Commercial Towers Private Limited, reinforcing the rights of homebuyers and commercial allottees. The bench held that the developers failed to deliver functional units and misled the court on the project's completion.