Suraksha Group to infuse Rs 3,000 crore to construct Jaypee Wish Town project...Read More

The Suraksha Group has announced a plan to invest ₹3,000 crore to complete the Jaypee Wish Town project, a residential development in Noida. This move aims to expedite the construction process and deliver the delayed homes to the buyers. The decision follows the group's successful acquisition of Jaypee Infratech, which had been undergoing insolvency proceedings. The investment will ensure that the long-pending project, which has seen significant delays, finally reaches completion, bringing relief to numerous homebuyers.

After the approval of the Suraksha Group through the National Company Law Tribunal, the bid was being taken over for the beleaguered real estate developer Jaypee Infratech Ltd, the construction of the projects were stalled that is the Jaypee Wish Town located in Noida which has affected almost 20000 homebuyers in order to resume finally. The asset reconstruction company based in Mumbai has taken over the reins of the Jaypee Infratech Ltd after the legal cases and hurdles were overcome.

As per the decision made by National Company Law Appellate Tribunal on May 24 which has upheld the NCLT order, later a meeting regarding the tribunal was appointed with the Implementation and Monitoring Committee that was being held on Tuesday. The Implementation and Monitoring Committee has managed the daily affairs of Jaypee Infratech Ltd in the interim of the composed officials from the Suraksha, the Jaypee Infratech Ltd homebuyers had an Interim Resolution Professional.

Further the NCLAT has directed the Suraksha Group for the payment of Rs 1335 crore towards the Yamuna Expressway Industrial Development Authority for the farmers compensations that was being paid within the span period of four years whereas the emphasis was on the swift implementation of the modified resolution in order to plan the benefit of the stakeholders that includes about 20000 homebuyers and 10000 farmers. As per the meeting held on Tuesday, the Suraksha Group has informed the IMC that on May 24 at the date of the NCLAT order would be treated as the approval date when the company would be taken over. Later new boards of directors were appointed and the resignations of company’s former managing director Manoj Gaur and the other senior officials of Jaypee Infratech Ltd resignations were accepted.

When the new management was appointed, Aalok Champak Dave was appointed as the managing and executive director for the next five years of the company. Usha Anil Kadam was appointed as the independent director and the promoter of Suraksha Realty and co-founder of Sun Pharmaceutical Industries ltd was appointed as the non-executive director. Suraksha Group has committed towards the completion and delivered the homes to the buyers at the span of 3 to 3.5 years in a phased manner. Additionally it was confirmed that the development was added towards the stalled projects that would be started soon. The timeline of the resolution plan has now begun and will be complied with,” it was being mentioned by the official.

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