June 6, 2024: In a significant development for over 20,000 homebuyers, Suraksha Group has assumed control of the financially troubled real estate company Jaypee Infratech. The group has established a three-member board and plans to inject Rs 125 crore in equity funds to resume construction on delayed housing projects throughout Delhi-NCR. This move follows the decision by the National Company Law Appellate Tribunal (NCLAT) on May 24, 2024, which endorsed Suraksha Realty’s proposal to acquire Jaypee Infratech, while also mandating an additional payment of Rs 1,334 crore for farmers’ compensation.
Jaypee Infratech, in a regulatory filing on June 5, 2024, announced that Suraksha Group had notified the Implementation and Monitoring Committee (IMC) to consider May 24, 2024, the date of the NCLAT order, as the ‘Approval Date’ in accordance with the approved resolution plan. In a meeting on June 4, 2024, the IMC sanctioned the appointments of Sudhir V Valia, a promoter of Suraksha Group, as a non-executive director, Aalok Champak Dave as executive director, and Usha Anil Kadam as independent director. Additionally, Dave has been named managing director and chief executive officer.
Media reports indicate that Suraksha Group will infuse Rs 125 crore into Jaypee Infratech by June 15 and will commence the construction process shortly. The group will also begin payments to the Yamuna Expressway Industrial Development Authority (YEIDA) as scheduled.
The NCLAT, on May 24, upheld the March 2023 decision by the National Company Law Tribunal (NCLT), emphasising the need to prevent further delays in executing the resolution plan and to safeguard the interests of all stakeholders, including homebuyers and the YEIDA’s claim for additional farmer compensation.
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