Suraksha Group to Pay Rs 133 Crore to YEIDA in First Instalment Post Jaypee Infratech Acquisition

Suraksha Group, after acquiring Jaypee Infratech through an insolvency process, is set to pay Rs 133 crore to Yamuna Expressway Industrial Development Authority within three months as additional compensation to farmers. The National Company Law Appellate Tribunal upheld Suraksha's bid and directed the payment to benefit all stakeholders.


PTI | New Delhi | Updated: 10-06-2024 14:47 IST | Created: 10-06-2024 14:47 IST
Suraksha Group to Pay Rs 133 Crore to YEIDA in First Instalment Post Jaypee Infratech Acquisition
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Mumbai-based Suraksha Group, having recently assumed control of the financially troubled Jaypee Infratech through an insolvency process, will disburse the first payment of Rs 133 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) within three months as added compensation to farmers.

On May 24, the National Company Law Appellate Tribunal (NCLAT) endorsed Suraksha Realty's bid to acquire Jaypee Infratech Ltd (JIL), stipulating that Rs 1,334 crore be paid to YEIDA to reimburse farmers. This decision was intended to expedite the resolution plan and safeguard the interests of all involved parties, including homebuyers and YEIDA's compensation claim for farmers.

Suraksha Group officials confirmed that the NCLAT order date would mark the 'Approval Date' per the approved resolution plan. The group aims to inject Rs 125 crore in equity soon to restart stalled housing projects across Delhi-NCR and to honor further payments to YEIDA in installments over the next four years.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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