The Yamuna Expressway Industrial Development Authority (Yeida) on Thursday said it has challenged the Suraksha Group’s resolution plan for Jaypee Infratech Limited (JIL)’s takeover in the Supreme Court, leaving thousands of homebuyers worried about their apartment delivery again.
Earlier, Yeida had decided not to challenge the plan in favour of homebuyers and farmers demanding additional compensation against their land on which JIL developed housing projects Jaypee Wish Town and Aman, among others, in Noida and Greater Noida.
Yeida filed the writ petition on July 7, 2024, following directions from its board on June 26, said officials.
“The board decided to file the civil appeal because as per the rules, we need to file it within 45 days of the National Company Law Appellate Tribunal order. The Suraksha Group’s proposal to pay ₹1,334 crore to the Yamuna authority for paying 64.7% additional compensation to farmers has been awaiting approval from the Uttar Pradesh government. If the state accepts the plan, then we will withdraw our appeal. We want to help the homebuyers and farmers, but within the purview of the legal framework,” said Arun Vir Singh, chief executive officer, Yeida.
The authority will await the government’s decision on whether to pursue the case in the Supreme Court or not. Last month, the Suraksha Group informed the Yamuna authority that it is prepared to pay ₹490 crore by September 30, which exceeds the mandated payment of 10% of the total amount ( ₹133.5 crore) within 90 days, said officials.
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Suraksha Group refused comment on the development.
After a long litigation, the National Company Law Appellate Tribunal on May 24, 2024, had upheld Suraksha Group’s resolution plan for the debt-ridden JIL and also directed Suraksha to pay ₹1,335 crore to Yeida towards farmers’ compensation within four years.
Pursuant to the order, Mumbai-based Suraksha Group on June 5 took over the debt-ridden company and assured homebuyers that work will soon restart at project sites. An implementation and monitoring committee (IMC), comprising officials of Suraksha, JIL, homebuyers and an interim resolution professional, met on June 5 and completed the paperwork required for the takeover. The takeover brought relief to at least 20,000 homebuyers who have been waiting for over a decade to get their homes. But now, they are once again worried about the fate of their homes.
They are now pinning hopes on the decision of the UP government and the Supreme Court.
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“The NCLAT gave a very reasoned judgement in the matter. It is also understandable that Yeida officials may require conclusive orders either from the state government or the apex court to proceed. We hope and pray that the Yeida appeal does not become an impediment to resuming construction as Suraksha has taken over the company. Homebuyers are anxiously waiting for their homes as 90 days period for starting construction shall expire on August 22,” said Ashish Mohan Gupta, president, Jaypee Infratech Limited real estate allottees’ welfare association.
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