Relief for Homebuyers as Suraksha Group Takes Over Jaypee Infratech

Suraksha Group has assumed control of debt-laden Jaypee Infratech, providing relief to over 20,000 homebuyers. Following the NCLAT's May 24 decision, the group will infuse Rs 125 crore and start construction. Key board members have been appointed, and Suraksha must pay additional compensation to farmers as per the tribunal's directive.

In a significant move responding to the plight of over 20,000 homebuyers, the Suraksha Group has taken the reins of the debt-ridden realty firm Jaypee Infratech. The decision comes after the National Company Law Appellate Tribunal (NCLAT) upheld Suraksha Realty's bid on May 24, directing it to also pay an additional Rs 1,334 crore as farmers' compensation.

According to a regulatory filing by Jaypee Infratech on Wednesday, Suraksha Group will inject an equity fund of Rs 125 crore by June 15 to kickstart construction of stalled projects in Delhi-NCR. The new board, comprising Sudhir V Valia, Aalok Champak Dave, and Usha Anil Kadam, has been appointed to oversee operations.

This development follows a series of legal battles and insolvency proceedings initiated in August 2017. The NCLAT's resolution plan includes addressing claims by farmers and creditors, promising timely construction and relief for affected homebuyers.

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