Suraksha Group to Pay Rs 1.33 Bn to YEIDA by August 24
Real Estate

Suraksha Group to Pay Rs 1.33 Bn to YEIDA by August 24

Suraksha Group is set to pay the first instalment of Rs 1.33 billion to the Yamuna Expressway Industrial Development Authority (YEIDA) by August 24, 2024. This payment is part of the company's resolution plan to acquire the beleaguered Jaypee Infratech Limited (JIL). This development follows the National Company Law Tribunal's (NCLT) approval of Suraksha Group?s bid to take over JIL, which has faced prolonged insolvency proceedings since 2017.

The Jaypee Infratech insolvency case has been one of India's most protracted, with over 20,000 homebuyers eagerly awaiting the completion of their housing projects. The payment to YEIDA is a crucial step in Suraksha Group?s commitment to fulfilling the financial and operational obligations outlined in its takeover bid.

In addition to the Rs 1.33 billion, Suraksha Group will provide YEIDA with an additional Rs 12.16 billion as part of the agreed compensation package. The total amount includes payments to secure operational debt and ensure fair treatment compared to other secured creditors involved in the case.

The Suraksha Group?s resolution plan also includes completing all pending housing projects within the next four years. This plan aims to address the long-standing grievances of homebuyers who have been stuck in limbo due to JIL?s financial troubles. The successful implementation of this plan is expected to bring much-needed relief to the affected stakeholders and pave the way for the timely delivery of homes.

This payment milestone marks a significant progression in the resolution of the Jaypee Infratech insolvency case, highlighting the effectiveness of India's insolvency and bankruptcy code in resolving large-scale corporate financial distress.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

Suraksha Group is set to pay the first instalment of Rs 1.33 billion to the Yamuna Expressway Industrial Development Authority (YEIDA) by August 24, 2024. This payment is part of the company's resolution plan to acquire the beleaguered Jaypee Infratech Limited (JIL). This development follows the National Company Law Tribunal's (NCLT) approval of Suraksha Group?s bid to take over JIL, which has faced prolonged insolvency proceedings since 2017. The Jaypee Infratech insolvency case has been one of India's most protracted, with over 20,000 homebuyers eagerly awaiting the completion of their housing projects. The payment to YEIDA is a crucial step in Suraksha Group?s commitment to fulfilling the financial and operational obligations outlined in its takeover bid. In addition to the Rs 1.33 billion, Suraksha Group will provide YEIDA with an additional Rs 12.16 billion as part of the agreed compensation package. The total amount includes payments to secure operational debt and ensure fair treatment compared to other secured creditors involved in the case. The Suraksha Group?s resolution plan also includes completing all pending housing projects within the next four years. This plan aims to address the long-standing grievances of homebuyers who have been stuck in limbo due to JIL?s financial troubles. The successful implementation of this plan is expected to bring much-needed relief to the affected stakeholders and pave the way for the timely delivery of homes. This payment milestone marks a significant progression in the resolution of the Jaypee Infratech insolvency case, highlighting the effectiveness of India's insolvency and bankruptcy code in resolving large-scale corporate financial distress.

Next Story
Infrastructure Urban

DRDO Transfers Key Defence Materials Tech to Industry

The Defence Metallurgical Research Laboratory (DMRL) of DRDO in Hyderabad has transferred three advanced indigenous materials technologies to leading Indian industry partners, marking a major step towards self-reliance in strategic defence manufacturing. The Licensing Agreement for Transfer of Technology (LAToT) documents were handed over by Dr Samir V Kamat, Secretary of Defence R&D and Chairman of DRDO, at a ceremony held at DMRL on 30 August 2025.The transferred technologies include:High-Strength Radomes: Transferred to BHEL, Jagdishpur, this technology enables the manufacture of high-p..

Next Story
Infrastructure Energy

Coal Ministry Honours Top Mines for Safety and Sustainability

The Ministry of Coal hosted the Star Rating Award Ceremony in Mumbai to recognise outstanding coal and lignite mines for their achievements in safety, environmental responsibility, scientific operations, and community welfare. Union Minister of Coal and Mines Shri G. Kishan Reddy, accompanied by Minister of State Shri Satish Chandra Dubey and Secretary Shri Vikram Dev Dutt, presented the accolades.The awards celebrate mines that have demonstrated excellence across key parameters such as safety, productivity, scientific mining, environmental stewardship, and socio-economic impact. The Minister ..

Next Story
Infrastructure Urban

Modi Highlights Decade of Bold Economic Reforms

Prime Minister Shri Narendra Modi reaffirmed the government’s steadfast commitment to economic reforms over the past decade, highlighting transformative measures that have redefined India’s fiscal structure and enhanced its global economic position.Citing major initiatives such as corporate tax cuts to encourage investment, the implementation of the Goods and Services Tax (GST) to unify the national market, and reforms in personal income tax to improve Ease of Living, Modi emphasised that the reform agenda has consistently been citizen-focused and pro-growth.He welcomed the ongoing #NextGe..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?