Jaypee Infratech: About 20 thousand home buyers of Noida are going to get good news. Suraksha Group is soon going to take control of Jaypee Infratech Limited. With this, a new ray of hope has emerged for about 20000 people who had invested in Jaypee Infratech projects about 15 years ago in the hope of getting a house.
Construction of 9 stalled projects will begin
According to the Economic Times report, after getting approval of its resolution plan for Jaypee Infratech Limited from the National Company Law Appellate Tribunal (NCLAT), Suraksha Group is set to take control of the company after a meeting next week. With this, the construction of 9 stalled projects in Wish Town and other areas of Noida can start again. People’s money is stuck in these projects for 15 to 20 years.
The resolution plan was approved last week
Suraksha Group’s resolution plan for Jaypee Infratech was approved by NCLAT last week. Now Suraksha Group is preparing to take control of debt-ridden Jaypee Infratech. Currently, the functioning of Jaypee Infratech is being looked after by a committee IMC. This committee was formed by the National Company Law Tribunal (NCLT). It includes Suraksha Group, Jaypee Infratech, home buyers and interim resolution professionals.
Yamuna Expressway Authority also gave information
Arun Veer Singh, CEO of Yamuna Expressway Authority (YEIDA), said that the security group has informed us about the plan to acquire Jaypee Infratech. The monitoring company meeting is to be held on Tuesday. The acquisition will be announced soon. This will pave the way for starting construction on stalled projects. The Yamuna Expressway Authority has control of the lands where these projects are to be built. He said that the officials of the security group will hold a meeting with us on Friday. In this, a plan will be made to pay compensation to the farmers. As soon as we get the money from the company, we will start distributing the money among the villagers.
Farmers will get Rs 1,335 crore
NCLAT had directed Suraksha Group to pay Rs 1,335 crore to Yamuna Expressway Authority in the next 4 years as compensation to the farmers. Suraksha Group had proposed Rs 1,216 crore in April. However, NCLAT ordered an additional Rs 118.3 crore. Yamuna Expressway Authority had requested Rs 1,689 crore. Now it will arrange the remaining money from its own funds.
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