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

11 Jun 2024 CW Team

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.

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