The Yamuna Expressway Industrial Development Authority (YEIDA) has escalated its legal battle with Suraksha Group to the Supreme Court, challenging the latter’s takeover of Jaypee Infratech. This move comes as a significant development in the ongoing saga surrounding the embattled real estate giant.
The National Company Law Appellate Tribunal (NCLAT) had earlier approved Suraksha Group’s resolution plan for Jaypee Infratech, which included a provision for paying Rs 1,335 crore to YEIDA as compensation for farmers. However, YEIDA has expressed dissatisfaction with the payment timeline outlined in the plan, raising concerns about potential delays and the impact on affected farmers.
The authority believes that the interests of both farmers and homebuyers could be compromised if the payment schedule is not expedited. YEIDA’s decision to approach the Supreme Court signifies the gravity of the situation and the determination to safeguard the rights of those affected by the Jaypee crisis.
Suraksha Group, on the other hand, has maintained its commitment to fulfilling the NCLAT’s directives and has already initiated efforts to resume construction at stalled Jaypee projects. The company has emphasized its dedication to resolving the issues at hand and delivering on its promises to all stakeholders.
The legal tussle between YEIDA and Suraksha Group has cast a long shadow over the hopes of thousands of homebuyers who have been eagerly awaiting the completion of their apartments. The outcome of this Supreme Court case will have far-reaching consequences for the future of Jaypee Infratech and the broader real estate sector. All eyes are now on the apex court as it prepares to hear the case and determine the fate of one of India’s most high-profile insolvency proceedings.
