Jaypee case: Takeover issues resolved, work on stuck projects set to resume soon

Spelling major relief to at least 20,000 homebuyers who have been waiting for over a decade to get their homes, all issues holding up the takeover of Jaypee Infratech Limited (JIL) by Mumbai-based Suraksha Group have been resolved and construction work is set to resume on Jaypee’s stuck housing projects, Yamuna Expressway Industrial Development Authority (Yeida) officials said on Friday.

JIL’s day-to-day affairs are currently managed by the an implementation and monitoring committee (IMC) comprising officials of Suraksha, JIL, homebuyers and an interim resolution professional. (Sunil Ghosh/HT Photo)

Yeida said all financial issues that it had with the resolution applicant’s (Suraksha’s) proposal submitted before the National Company Law Appellate Tribunal (NCLAT) have been resolved.

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Officials said Suraksha Group is likely to take over JIL in the next couple of days because Yeida has decided not to challenge the order of the NCLAT court issued last week.

NCLAT, last Friday, directed that Suraksha Group will have to pay 1,335 crore to Yeida over the next four years so that the authority can provide 64.7% hiked land compensation to farmers.

“The authority has decided not to challenge the NCLAT order that approved the Suraksha Group’s resolution plan in which it wants to give 79% of 1,689 crore farmers’ additional land compensation in four years. We have decided that the authority will pay the remaining 21%, which is around 400 crore to farmers as additional land compensation because we do not want the farmers to suffer,” said Arun Vir Singh, chief executive officer of the Yeida.

”We want to deliver justice to both homebuyers and farmers. In view of this, we have decided to support Suraksha Group’s takeover of the debt-ridden company and expedite construction work to deliver the units,” he said.

Also Read: Jaypee takeover: NCLAT orders Suraksha to pay 1,335 cr as farmer compensation

JIL’s day-to-day affairs are currently managed by the an implementation and monitoring committee (IMC) comprising officials of Suraksha, JIL, homebuyers and an interim resolution professional.

The IMC office-bearers will discuss all issues next Tuesday paving way for the future course of action, Yeida said.

This is what homebuyers have to say
The homebuyers are happy that all long standing disputes are resolved. “Homebuyers are very pleased to know that Yeida has accepted the judgment of NCLAT. Now, the onus is on Suraksha to accept the approval date and take over the management of JIL. We homebuyers want to see construction resuming in all Wish Town projects,” said Ashish Mohan Gupta, president, JIL real estate allottees’ welfare association.

Also Read: Jaypee Infratech insolvency case: Monitoring panel seeks NCLT’s direction to implement Suraksha Group’s resolution plan

The buyers hope that the work will be restarted at nine stalled projects of Jaypee’s Wish Town in Noida and other locations.

At present, work on four projects comprising 62 towers and involving over 6,000 homebuyers is ongoing. However, there are 15 towers in Kosmos and Kensington Boulevard where work is halted.

There are 82 towers across seven projects, where there have been no construction activities for the last 10 years, affecting 9,700 homebuyers.

Manoj Gaur MD of Jaypee Group did not take repeated calls to answer queries on the issue.

The IMC has already finalized contractors after floating tenders, and following the takeover, Suraksha can award the work.

Aalok Dave, MD & CEO, Suraksha Group did not reply to repeated calls seeking a comment.

Also Read: Relief for homebuyers: Allotted flats will not be part of liquidation process, says insolvency and bankruptcy board

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