NOIDA: Over a year after the National Company Law Tribunal (NCLT) approved Suraksha Group‘s bid to take over the beleaguered real estate developer Jaypee Infratech Ltd (JIL), construction of the stalled projects in Jaypee Wish Town in Noida affecting nearly 20,000 homebuyers is set to resume finally. The Mumbai-based asset reconstruction company has taken over the reins of JIL after overcoming several legal cases and hurdles.
Following the recent National Company Law Appellate Tribunal (NCLAT) decision on May 24, which upheld the NCLT’s order, a meeting of the tribunal-appointed Implementation and Monitoring Committee (IMC), was held on Tuesday. The IMC was managing the daily affairs of JIL in the interim and comprised officials from Suraksha, JIL, homebuyers, and an Interim Resolution Professional (IRP).
The NCLAT has directed Suraksha Group to pay Rs 1,335 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) for farmers’ compensation within four years, while emphasising the swift implementation of the modified resolution plan to benefit all stakeholders, including 20,000 homebuyers and 10,000 farmers.
During the Tuesday meeting, Suraksha Group informed the IMC that May 24, the date of the NCLAT order, will be treated as the ‘approval date’ when it takes over the company. A new board of directors was also appointed, and the resignations of the company’s former managing director, Manoj Gaur, along with other senior officials of JIL, were accepted at the meeting.
Under the new management, Aalok Champak Dave has been appointed managing and executive director for the next five years. Usha Anil Kadam has been appointed as an independent director and Sudhir V Valia, promoter of Suraksha Realty and co-founder of Sun Pharmaceutical Industries Ltd, was appointed as a non-executive director.
A Suraksha official confirmed the development, adding construction of the stalled projects will start soon. “The timeline of the resolution plan has now begun and will be complied with,” the official said.
Suraksha Group has committed to completing and delivering homes to buyers within 3 to 3.5 years in a phased manner. The company will infuse a working capital line of Rs 3,000 crore to ensure uninterrupted construction activities. Additionally, Suraksha Group will pay Rs 64 crore to homebuyers opting for refunds, while offering alternatives for possession instead of refunds.
At the time of the IMC’s formation on March 7, 2023, work on four projects—Kosmos, Klassic, Kensington Boulevard & Kensington Park Apartments, and Heights, comprising 62 towers and involving 6,067 homebuyers—was being carried out by JAL. However, construction was halted on 15 towers of Kosmos and Kensington Boulevard.
There are 82 towers across seven projects—Garden Isles, Krescent Homes, Kasa Isles, Orchard, Kube, Pebble Court, and Wishpoint—where there have been no construction activities for the last 10 years, affecting the lives of 9,727 homebuyers and their families.
Ashish Mohan Gupta, president of JIL Real Estate Allottees Welfare Society, said homebuyers are relieved that Suraksha has finally accepted the approval date. “To us, it means that we can see construction across all projects within 90 days as Suraksha will now deploy required funds of around Rs 3,250 crore, in addition to the available funds of Rs 1,000 crore. We would have been happier if Suraksha accept the approval date earlier,” he said.
