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The Suraksha Group has infused Rs 125 crore equity fund in Jaypee Infratech Ltd, which it has acquired through insolvency process, as part of its resolution plan to settle banks' dues and complete around 20,000 unfinished flats in Delhi NCR.
Earlier this month, the Mumbai-based Suraksha Group took control of the Jaypee Infratech Ltd (JIL) by constituting a three-member board.
The takeover followed the insolvency appellate tribunal NCLAT decision on May 24, upholding Suraksha Group's bid to acquire JIL.
The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation.
According to sources, Suraksha Group has infused Rs 125 crore equity fund in JIL.
Suraksha Group will soon start the construction process. It will also start making payment to YEIDA as per the schedule, they added.
Suraksha Group has informed that May 24, 2024, the date of the NCLAT order, should be treated as the 'Approval Date' as defined in the approved resolution plan.
Sudhir V Valia, promoter of Suraksha Group, has been appointed as a Non Executive Director on the JIL board.
Aalok Champak Dave has been appointed as Executive Director and Usha Anil Kadam as independent director.
Upholding the National Company Law Tribunal's (NCLT) decision of March 2023, the NCLAT on May 24, had said the decision was made to avoid any further delay in the implementation of the resolution plan and also to take care of the interests of all stakeholders, including home buyers and claim of YEIDA for additional compensation of the farmers.