Good news for homebuyers: Jaypee Infratech Limited takeover plan likely to get UP cabinet's nod soon
10 months, 1 week ago

Good news for homebuyers: Jaypee Infratech Limited takeover plan likely to get UP cabinet's nod soon

Hindustan Times  

Nearly five months after the Yamuna Expressway Industrial Development Authority approved the Mumbai-based Suraksha Group’s resolution plan to take over the stuck realty projects of Jaypee Infratech Limited, the matter is to be tabled in the cabinet meeting of the Uttar Pradesh government next week for requisite approval, said officials in the know of the matter. Yeida, in its 78th board meeting on September 13, 2023, approved Mumbai-based Suraksha Group’s resolution plan to take over stuck realty projects of bankrupt JIL, which failed to deliver around 32,000 units in its different housing projects in Noida and Greater Noida. They are: 1) Suraksha Group can purchase floor area ratio of up to 2.6 from the existing 1.5, which means that it can build more floors covering more ground; 2) concession period for toll collection on Yamuna Expressway be increased by an additional 15 years; 3) water bills on stuck realty projects be waived; 4) About 79 acres stuck in Noida’s Sultanpur village be given to the group, and 5) a new company will form a special purpose vehicle, inviting new developers to join hands to complete stuck projects. “We request that the UP cabinet approve Suraksha Group’s plan without any more delay so that our dream of a house will be realized,” said Ashish Mohan Gupta, president of Jaypee Infratech Real Estate Allottees Welfare Association.

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History of this topic

Suraksha Group infuses ₹125 crore in Jaypee Infratech; to start construction work in delayed projects
6 months, 1 week ago

Suraksha Group infuses ₹125 crore in Jaypee Infratech; to start construction work in delayed projects

Hindustan Times  

Mumbai-based Suraksha Group, that took over the embattled real estate firm Jaypee Infratech last week by constituting a three-member board, has infused ₹125 crore equity fund in JIL, as part of its resolution plan to complete 20,000 incomplete flats providing relief to homebuyers whose investments are stuck across various projects being developed in Delhi-NCR. Suraksha Group infuses ₹ 125 cr …

After several delays, Suraksha takes over debt-ridden Jaypee
6 months, 2 weeks ago

After several delays, Suraksha takes over debt-ridden Jaypee

Hindustan Times  

After a six-year long court battle, Mumbai-based Suraksha Group on Tuesday took over debt-ridden Jaypee Infratech Limited and its office-bearers assured homebuyers that the work will soon restart at project sites. We will soon prepare a road map to revive construction at the site and start delivery of apartments,” said Aalok Dave, managing director and chief executive officer, Suraksha Group. …

Suraksha Group finally takes over Jaypee Infratech; constitutes 3-member board giving relief to more than 20,000 buyers
6 months, 2 weeks ago

Suraksha Group finally takes over Jaypee Infratech; constitutes 3-member board giving relief to more than 20,000 buyers

Hindustan Times  

Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more than 20,000 homebuyers whose investments are stuck across various projects being developed in Delhi-NCR. Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more …

Jaypee case: Takeover issues resolved, work on stuck projects set to resume soon
6 months, 3 weeks ago

Jaypee case: Takeover issues resolved, work on stuck projects set to resume soon

Hindustan Times  

Spelling major relief to at least 20,000 homebuyers who have been waiting for over a decade to get their homes, all issues holding up the takeover of Jaypee Infratech Limited by Mumbai-based Suraksha Group have been resolved and construction work is set to resume on Jaypee’s stuck housing projects, Yamuna Expressway Industrial Development Authority officials said on Friday. JIL’s day-to-day …

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA
6 months, 3 weeks ago

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA

Live Law  

The National Company Law Appellate Tribunal confirmed the resolution plan proposed by Suraksha Realty Limited for Jaypee Infratech Limited as part of its Corporate Insolvency Resolution Process. The NCLAT's bench, comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, held that Suraksha Realty must pay ₹1,334.31 crore to YEIDA over the next four years. Consequently, YEIDA was held to …

Jaypee takeover: NCLAT orders Suraksha to pay ₹1,335 cr as farmer compensation
6 months, 4 weeks ago

Jaypee takeover: NCLAT orders Suraksha to pay ₹1,335 cr as farmer compensation

Hindustan Times  

The National Company Law Appellate Tribunal on Friday upheld Mumbai-based Suraksha Group’s resolution plan for the debt-ridden Jaypee Infratech Limited that has failed to deliver around 20,000 apartments in its housing project “Wish Town” in sectors 128, 129, 130, 131 and 132 areas along Noida-Greater Noida Expressway. The Yamuna Expressway Industrial Development Authority had approached National Company Law Appellate Tribunal, …

Appellate tribunal final orders on Jaypee takeover by Suraksha likely on May 2
7 months, 3 weeks ago

Appellate tribunal final orders on Jaypee takeover by Suraksha likely on May 2

Hindustan Times  

The National Company Law Appellate Tribunal is likely to decide on May 2 on the Yamuna Expressway Industrial Development Authority ’s plea regarding the take over of debt-ridden realty company Jaypee Infratech Limited by Mumbai based Suraksha Realty Limited and Lakshdeep Investments. The authority had wanted that takeover company to pay an additional ₹1,689 crore to 10,000 farmers on whose …

NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech fast
9 months, 2 weeks ago

NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech fast

Hindustan Times  

Insolvency appellate tribunal NCLAT on March 6 gave an ultimatum and said if the issues between Yamuna Expressway Industrial Development Authority and Suraksha group over Jaypee Infratech are not settled by the second week of April then it would proceed ahead. NCLAT directs YEIDA, Suraksha group to settle issues over Jaypee Infratech fast In March last year, the National Company …

Jaypee Infratech insolvency case: Monitoring panel seeks NCLT’s direction to implement Suraksha Group's resolution plan
10 months, 1 week ago

Jaypee Infratech insolvency case: Monitoring panel seeks NCLT’s direction to implement Suraksha Group's resolution plan

Hindustan Times  

The five-member monitoring committee set up to oversee the Jaypee Infratech insolvency process has moved the National Company Law Tribunal seeking an appropriate direction for the smooth and effective implementation of the resolution plan that was approved in March 2023. The five-member monitoring committee set up to oversee the Jaypee Infratech insolvency process has moved the NCLT seeking an appropriate …

Apprise Jaypee homebuyers of project completion details, Yeida tells Suraksha
1 year, 2 months ago

Apprise Jaypee homebuyers of project completion details, Yeida tells Suraksha

Hindustan Times  

The Yamuna Expressway Industrial Development Authority chief executive officer Arun Vir Singh on Thursday directed Mumbai-based Suraksha Group, which has taken over debt-ridden realty firm Jaypee Infratech Limited, to share the progress report on stuck projects with homebuyers regularly. On March 7, 2023, the Suraksha Group’s resolution plan to acquire Jaypee Infratech Limited was approved by the National Company Law …

Jaypee homebuyers demand flat delivery
1 year, 3 months ago

Jaypee homebuyers demand flat delivery

Hindustan Times  

At least 100 Jaypee Infratech Limited homebuyers who have yet to receive their units after a decade gathered outside the main office in Wish Town Sector 128 for half an hour from 2pm on Tuesday, demanding that construction work at the projects be expedited and apartments be delivered without further delay. Around 22,000 homebuyers have yet to receive their flats …

Yeida nod for Suraksha Group’s plan to take over stuck realty project of Jaypee Infratech
1 year, 3 months ago

Yeida nod for Suraksha Group’s plan to take over stuck realty project of Jaypee Infratech

Hindustan Times  

The Yamuna Expressway Industrial Development Authority, in its 78th board meeting on Wednesday, approved Mumbai-based Suraksha Group’s resolution plan to take over stuck realty projects of bankrupt Jaypee Infratech Limited, which failed to deliver around 32,000 units in its different housing projects in Noida and Greater Noida. They are: 1) Suraksha Group can purchase floor area ratio of up to …

Yeida to meet Suraksha Group in a month to iron out farmer compensation issue
1 year, 7 months ago

Yeida to meet Suraksha Group in a month to iron out farmer compensation issue

Hindustan Times  

The Yamuna Expressway Industrial Development Authority officials and Suraksha Group held a meeting on Thursday to discuss the issue of compensation for farmers whose land was acquired for various Jaypee Infratech projects, officials said. This direction came after Yeida filed an appeal in March 2023 when Suraksha Group, a Mumbai based real estate developer started taking over Jaypee Infratech, in …

NCLT approves Suraksha group’s plan to take over Jaypee Infratech
1 year, 9 months ago

NCLT approves Suraksha group’s plan to take over Jaypee Infratech

Hindustan Times  

The National Company Law Tribunal on Tuesday approved the resolution plan and bid by Mumbai based Suraksha Realty Limited and Lakshdeep Investments to take over debt-ridden realty company Jaypee Infratech Limited, thereby reigniting the hopes of thousands of aggrieved homebuyers of getting their dream homes soon. Since 2017, the Supreme Court monitored NCLT has been hearing the corporate insolvency resolution …

‘Best Holi gift’: Over 20,000 homebuyers welcome Jaypee Infratech takeover
1 year, 9 months ago

‘Best Holi gift’: Over 20,000 homebuyers welcome Jaypee Infratech takeover

Hindustan Times  

After the National Company Law Tribunal on Tuesday approved the resolution plan of Mumbai-based Suraksha Group to take over debt-ridden Jaypee Infratech Limited, homebuyers have termed the development ”the best Holi gift” as they are now hopeful of getting possession of flats soon. JIL was to deliver flats from 2012 in its project Wish Town located in Noida’s sectors 128, …

In relief to homebuyers, NCLT clears way for Jaypee projects
1 year, 9 months ago

In relief to homebuyers, NCLT clears way for Jaypee projects

Live Mint  

MUMBAI : In a relief to homebuyers, the Delhi bench of the National Company Law Tribunal on Tuesday allowed Mumbai-based Suraksha Group’s resolution bid for Jaypee Infratech Ltd. An NCLT bench headed by Justice Ramalingam Sudhakar and Justice IN Gupta allowed the petition seeking approval of Suraksha group’s resolution plan. “On 7 March, NCLT approved the resolution plan of Suraksha …

NCLT Approves Suraksha's Bid For Jaypee Infra, Relief For Over 20,000 Homebuyers
1 year, 9 months ago

NCLT Approves Suraksha's Bid For Jaypee Infra, Relief For Over 20,000 Homebuyers

ABP News  

The National Company Law Tribunal on Tuesday approved the Mumbai-based Suraksha group's bid to acquire Jaypee Infratech, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process, the PTI reported. According to the report, the ruling, which also comes nearly two years after the Committee of …

Supertech insolvency: What will happen to flats | Top points
2 years, 8 months ago

Supertech insolvency: What will happen to flats | Top points

India Today  

Nearly 11,000 homebuyers of Supertech's ongoing housing projects in the national capital region are trying to ascertain what will happen to their flats now after the real estate developer was declared bankrupt by the National Company Law Tribunal. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy …

SC orders swift completion of insolvency proceedings of Jaypee Infratech
3 years, 1 month ago

SC orders swift completion of insolvency proceedings of Jaypee Infratech

Hindustan Times  

The Supreme Court on Monday ordered swift completion of Jaypee Infratech’s insolvency proceedings, as it asked the National Company Law Tribunal, Delhi, to decide the matter “preferably within two months”. “This application is disposed of with a direction to the adjudicating authority to expeditiously dispose of the proceedings concerning the resolution plan of Jaypee Infratech Ltd, preferably within two months …

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