After a prolonged period of uncertainty, homebuyers in Jaypee Infratech projects can finally breathe a sigh of relief. Suraksha Group, which emerged as the successful bidder in the insolvency process, has officially taken control of the debt-ridden company. The group has also constituted a three-member board, signaling a renewed focus on completing stalled housing projects.
Marking a significant development for over 20,000 homebuyers, Suraksha Group has finally assumed control of Jaypee Infratech. The official handover follows the National Company Law Appellate Tribunal’s (NCLAT) approval of Suraksha’s resolution plan in May 2024.
This move brings an end to a long and arduous wait for homebuyers who had invested in Jaypee Infratech projects, many of which faced delays or remained incomplete. Suraksha Group, a real estate developer with a presence across North India, has pledged to prioritize the completion of these stalled projects.
As a first step, Suraksha Group has constituted a new three-member board for Jaypee Infratech. The board’s composition is expected to be announced shortly. Industry experts believe this move signifies Suraksha’s commitment to swift decision-making and project execution.
The takeover comes with a financial commitment from Suraksha Group. As per the resolution plan, the group will infuse Rs 125 crore as equity and a further Rs 125 crore as debt within 90 days. Additionally, they will arrange loan facilities of Rs 3,000 crore to ensure sufficient funds for project completion.
Suraksha Group’s takeover also addresses the concerns of the Yamuna Expressway Industrial Development Authority (YEIDA). The NCLAT had directed Suraksha to pay an additional Rs 1,334 crore as farmer compensation, a point of contention with YEIDA. This payment paves the way for smoother collaboration and faster project clearances.
While challenges remain, the official takeover by Suraksha Group marks a positive development for Jaypee Infratech’s homebuyers. The new board, coupled with the promised financial infusion, offers hope for the timely completion of their long-awaited homes.
