Yamuna Expressway Industrial Development Authority (YEIDA) has challenged Suraksha Group’s resolution plan for Jaypee Infratech Limited (JIL) in the Supreme Court, raising concerns among thousands of homebuyers about the delivery of their apartments.
As reported by the Hindustan Times, the Suraksha Group’s proposal includes a payment of ₹1,334 crore to YEIDA, which aims to cover 64.7% additional compensation to farmers. This plan, however, is awaiting approval from the Uttar Pradesh government.
YEIDA officials said the authority filed a writ petition on July 7, following a board directive on June 26. “We needed to file the appeal within 45 days of the National Company Law Appellate Tribunal’s order,” said YEIDA CEO Arun Vir Singh. “If the state approves the plan, we will withdraw our appeal. We want to support homebuyers and farmers within the legal framework.”
The Suraksha Group had agreed to pay ₹490 crore by Sept. 30, exceeding the initial payment requirement of ₹133.5 crore within 90 days. The National Company Law Appellate Tribunal upheld the resolution plan on May 24, directing Suraksha to pay ₹1,335 crore to YEIDA over four years for farmers’ compensation.
The takeover had brought relief to around 20,000 homebuyers who have been waiting for over a decade for their homes. The Suraksha Group took over the debt-ridden JIL on June 5 and assured buyers that construction would soon restart. An implementation and monitoring committee, including Suraksha, JIL officials, homebuyers, and an interim resolution professional, completed the necessary paperwork for the takeover.
Despite the initial relief, the Supreme Court appeal has reignited worries among homebuyers. “We hope YEIDA’s appeal does not delay construction as Suraksha has already taken over,” said Ashish Mohan Gupta, president of Jaypee Infratech Limited Real Estate Allottees’ Welfare Association.
“Homebuyers are anxiously waiting, as the 90-day period to start construction expires on Aug 22.”
Farmers affected by JIL’s land acquisitions are also watching the developments closely. Approval from the Uttar Pradesh government is crucial for the payment of additional compensation.
The Supreme Court’s decision will significantly impact the future of Jaypee’s Wish Town and Aman projects in Noida and Greater Noida. All parties involved are keenly awaiting a resolution that will enable construction to resume and compensation to be paid.