June 11 (Punjab Khabarnama) : Mumbai-based Security Group, which took over debt-ridden realty company Jaypee Infratech, will pay the first installment of about Rs 133 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) within three months as additional compensation to the farmers. Sources have given this information.
The National Company Law Appellate Tribunal (NCLAT) on May 24 upheld the bid placed by Security Realty to acquire Jaypee Infratech Limited (JIL). Along with this, it was also directed to pay Rs 1,334 crore to Yamuna YEIDA as compensation to the farmers. Earlier in March 2023, the National Company Law Tribunal (NCLT) had approved the insolvency process. NCLT had approved the bid placed by the Security Group to buy JIL.
However, several parties including YEIDA had filed a petition in NCLAT challenging the order of NCLT. YEIDA had claimed about Rs 1,700 crore as compensation to farmers. Last week, the Suraksha Group took control of JIL by forming a three-member board, giving a big relief to about 20,000 home buyers of several stalled projects of JIL in Noida and Greater Noida.
According to sources, the Suraksha Group will soon infuse equity capital of Rs 125 crore to complete the construction of stalled residential projects in Delhi-NCR. He said the group will also pay the first installment of Rs 133.43 crore to YEIDA within 90 days from the date of approval. Sources said the Suraksha Group will pay Rs 200.15 crore to the authority within a year from the date of approval. The group will also pay Rs 333.8 crore every year at the end of the second, third and fourth year from the date of approval.
