Suraksha Group promises to anchor the stalled projects & infuses Rs.125 crore in Japyee Infratech

Mumbai based real estate developer Suraksha Group which took over the controversial real estate firm Jaypee Infratech last week by constituting a three-member board, has recently infused Rs.125 crore equity fund in JIL. The investment was a part of company’s resolution plan to complete 20,000 incomplete flats providing relief to homebuyers whose investments are stuck across various projects being developed in Delhi-NCR.

The report says that, Suraksa Group will shortly start construction process and they will also pay dues to YEIDA as per the schedule. Previously the group has informed that, the date of the NCLAT order, should be treated as the 'Approval Date' as defined in the approved resolution plan. 

In a regulatory filing on June 5 by Jaypee Infratech, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the 'Approval Date' as defined in the approved resolution plan.

The meeting at IMC has approved the appointment of Aalok Champak Dave as executive director and Usha Anil Kadam as independent director. The Board of Directors of the company has also approved the appointment of Devang Pravin Patel as Chief Financial Officer (KMP) of the Company w.e.f. June 08, 2024.

The insolvency appellate tribunal NCLAT has ordered the company to pay an additional Rs.1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation.

According to the final resolution plan submitted by Suraksha Group to Committee of Creditors (CoC) in May-June 2021, the infusion of Rs.125 crore as equity and Rs.125 crore debt needs to be done in Jaypee Infratech within 90 days of the approval date.

In its final resolution Suraksha Group offered more than 2,500 acres of land and nearly Rs.1,300 crore by way of issuing non-convertible debentures to bankers. It also promised to complete all the stopped and discontinued projects over the next four years. Lenders of Jaypee Infratech had submitted a claim of Rs.9,783 crore.

In the fourth round of the bidding process to find a buyer for Jaypee Infratech in 2021, the Suraksha group had won the bid with 98.66% votes. Total 12 banks were participated and had voting rights.