NCLAT upholds NCLT order on Jaypee Infra
Directs Suraksha Realty to pay Rs 1,300cr to farmers
image for illustrative purpose
Insolvency Appellate Tribunal NCLAT on Friday upheld Suraksha Realty’s bid to acquire debt-ridden Jaypee Infratech Ltd, but asked it to pay an additional around Rs1,300 crore as compensation to farmers.
Upholding the National Company Law Tribunal’s (NCLT) decision of March 2023, the NCLAT said the decision was to avoid any further delay in the implementation of the resolution plan and to take care of the interests of all stakeholders, including home buyers and claim of Yamuna Express development authority YEIDA for additional compensation of the farmers. NCLT had on March 7, 2023, approved the bid of Mumbai-based Suraksha group to buy JIL, giving relief to more than 20,000 home buyers.
