After several delays, Suraksha takes over debt-ridden Jaypee
Former JIL office-bearers, including managing director Manoj Gaur, have resigned their posts and vacated the office, making way for the new executive director Aalok Dave. Director Sudhir V Valia, promoter of Suraksha Realty and co-founder of Sun Pharmaceutical Industries Ltd, has been appointed as non-executive director
After a six-year long court battle, Mumbai-based Suraksha Group on Tuesday took over debt-ridden Jaypee Infratech Limited (JIL) and its office-bearers assured homebuyers that the 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 Tuesday and completed the paperwork required for the takeover. The takeover has brought relief to at least 20,000 homebuyers who have been waiting for over a decade to get their homes.
“We have officially taken over Jaypee Infratech Limited and completed all legal formalities. We will soon infuse ₹125 crore funds to resume construction at stuck housing sites within 90 days. We will soon prepare a road map to revive construction at the site and start delivery of apartments,” said Aalok Dave, managing director and chief executive officer, Suraksha Group.
As per the resolution plan, the former JIL office-bearers, including managing director Manoj Gaur, have resigned their posts and vacated the office, making way for the new executive director Aalok Dave. Director Sudhir V Valia, promoter of Suraksha Realty and co-founder of Sun Pharmaceutical Industries Ltd, has been appointed as non-executive director.
JIL’s day-to-day affairs were currently being managed by the IMC and it will no more have control over JIL, officials said.
Suraksha Group has informed the IMC that May 24, 2024, the date of the order National Company Law Appellate Tribunal shall be treated as the ”approval date” when it takes over the company.
This takeover could become possible after the Yamuna Expressway Industrial Development Authority had last week decided not to challenge the NCLAT order that approved the Suraksha Group’s resolution plan in which it has agreed to pay in four years 79% of a sum of ₹1,689 crore, which is to be given as additional land compensation to farmers.
Yeida has agreed to pay the remaining 21%, which is around ₹400 crore, said officials.
“Home buyers are relieved by the takeover. We now hope to see construction resuming across all projects within 90 days. As per the terms, Suraksha will infuse the required funds to restart construction and award fresh tenders,” said Ashish Mohan Gupta, president, Jaypee Infratech Limited real estate allottees’ welfare association