13/08/2024
YEIDA challenges Suraksha Group’s plan to take over Jaypee in Supreme Court
The Yamuna Expressway Industrial Development Authority (YEIDA) recently said it has challenged the Suraksha Group’s resolution plan for Jaypee Infratech Limited (JIL)’s takeover in the Supreme Court, leaving thousands of homebuyers worried about their apartment delivery again. Earlier, YEIDA had decided not to challenge the plan in favour of homebuyers and farmers demanding additional compensation against their land on which JIL developed housing projects Jaypee Wish Town and Aman, among others, in Noida and Greater Noida. YEIDA filed the writ petition on July 7, 2024, following directions from its board on June 26, said officials. The authority will await the government’s decision on whether to pursue the case in the Supreme Court or not. Last month, the Suraksha Group informed the Yamuna authority that it is prepared to pay ₹490 crore by September 30, which exceeds the mandated payment of 10% of the total amount (₹133.5 crore) within 90 days, said officials. After a long litigation, the National Company Law Appellate Tribunal on May 24, 2024, had upheld Suraksha Group’s resolution plan for the debt-ridden JIL and also directed Suraksha to pay ₹1,335 crore to YEIDA towards farmers’ compensation within four years.
