Suraksha group to pay 1st instalment of Rs 133 cr to YEIDA

New Delhi: Mumbai-based Suraksha Group, which has recently taken control of debt-ridden realty firm Jaypee Infratech through an insolvency process, will pay the first instalment of around Rs 133 crore to Yamuna Expressway Industrial Development Authority within three months as additional compensation to farmers.

On May 24, the National Company Law Appellate Tribunal (NCLAT) upheld Suraksha Realty's bid to acquire Jaypee Infratech Ltd (JIL) while directing it to pay Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as compensation to the farmers. While upholding the National Company Law Tribunal's (NCLT) decision of March 2023, the NCLAT had said the decision was made to avoid any further delay in the implementation of the resolution plan and also to take care of the interests of all stakeholders, including homebuyers and claim of YEIDA for additional compensation of the farmers. On March 7 last year, the NCLT approved the bid of Suraksha Group to buy JIL. However, many parties, including YEIDA, filed a petition in the NCLAT challenging the NCLT order. YEIDA had claimed nearly Rs 1,700 crore as farmers' compensation. Last week, Suraksha Group took control of the JIL by constituting a three-member board in a big relief to around 20,000 homebuyers who are stuck in different stalled projects across Noida and Greater Noida.