Hope for 20,000 homebuyers! Suraksha Group set to take over Jaypee Infratech in a boost for Noida's Wish Town project
Suraksha Group, which had its resolution plan for Jaypee Infratech Limited (JIL) approved by the National Company Law Appellate Tribunal (NCLAT) last week, is expected to take control of the debt-ridden company following a meeting scheduled for next week, reported The The Times of India.
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The move will take Suraksha Group a step closer to resuming construction on nine stalled projects of Wish Town in Noida and other locations and renew hopes for 20,000 buyers who invested in flats 15-20 years ago.
Currently, Jaypee Infratech's day-to-day operations are overseen by an Implementation and Monitoring Committee (IMC). This committee, established by the National Company Law Tribunal (NCLT), includes representatives from Suraksha, Jaypee Infratech Limited (JIL), homebuyers, and an Interim Resolution Professional (IRP).
“Suraksha Group has informed us about its plan to formally take over JIL. A meeting of the monitoring company is scheduled for Tuesday. An announcement about the takeover will follow soon. This will pave the way for construction to start on stalled projects,” said Arun Vir Singh, the CEO of Yamuna Expressway Authority (YEIDA).
YEIDA has administrative control over the land on which some of these projects are coming up.
“Suraksha officials will hold anot her meeting with us on Friday to discuss how and when they plan to make payments for farmers compensation. We will start distributing the amount among villagers once we receive money from the
