“Suraksha Group Injects ₹125 Crore into Jaypee Infratech, Initiates Construction on Delayed Projects”
In a significant move aimed at providing relief to homebuyers in Delhi-NCR, the Suraksha Group has injected ₹125 crore equity fund into Jaypee Infratech (JIL). This infusion of funds marks a key step in Suraksha Group’s resolution plan to complete 20,000 unfinished flats across various projects in the region.
In a significant move aimed at providing relief to homebuyers in Delhi-NCR, the Suraksha Group has injected ₹125 crore equity fund into Jaypee Infratech (JIL). This infusion of funds marks a key step in Suraksha Group’s resolution plan to complete 20,000 unfinished flats across various projects in the region.
Following Suraksha Group’s takeover of Jaypee Infratech and the constitution of a three-member board, the Mumbai-based firm has swiftly acted to kickstart construction activities. The infusion of funds on June 11 signals a renewed commitment to address the long-standing concerns of homebuyers whose investments were stuck due to project delays.
Sources reveal that Suraksha Group is set to commence construction work and adhere to payment schedules, including payments to the Yamuna Expressway Industrial Development Authority (YEIDA). The company has formally communicated its stance regarding the “Approval Date,” defining it as May 24, 2024, based on the NCLAT order.
In a regulatory filing by Jaypee Infratech on June 5, Suraksha Group reaffirmed its adherence to the NCLAT order and outlined key appointments within the company. Sudhir V Valia was appointed as a non-executive director, Aalok Champak Dave as executive director, and Usha Anil Kadam as an independent director. Additionally, Devang Pravin Patel was appointed as the Chief Financial Officer, effective June 08, 2024.
The NCLAT’s decision on May 24, 2024, validated Suraksha Group’s bid to acquire Jaypee Infratech, directing the payment of an additional ₹1,334 crore to YEIDA as farmers’ compensation. This decision, upholding the NCLT’s approval from March 2023, prioritized the interests of stakeholders, including homebuyers and YEIDA’s claims for additional compensation.
The resolution plan submitted by Suraksha Group to the Committee of Creditors (CoC) in 2021 outlined a comprehensive strategy involving equity and debt infusions, land offerings, and commitments to complete stalled projects over a four-year timeline. With lenders claiming ₹9,783 crore, Suraksha Group’s bid secured overwhelming support from banks and homebuyers in the CoC.
This recent infusion of funds and strategic appointments signal a positive turn for Jaypee Infratech and the real estate sector in Delhi-NCR, offering hope for the timely completion of pending projects and the fulfillment of commitments to homebuyers.
Sources By Agencies
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