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Suraksha Group to begin stalled work with Rs 125-cr infusion in Jaypee

Thursday, 13 Jun 2024
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The Suraksha Group has infused Rs 125 crore equity fund in Jaypee Infratech (JIL), which it has acquired through insolvency process, as part of its resolution plan.

The infusion will help the Group to settle banks' dues and complete around 20,000 unfinished flats in Delhi NCR. Earlier this month, Suraksha Group took control of JIL. The takeover followed NCLAT decision on 24 May, 2024, upholding Suraksha Group's bid to acquire JIL. The NCLAT has directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation.

In its final resolution plan, the Suraksha group offered to bankers more than 2,500 acres of land and nearly Rs 1,300 crore via issue of non-convertible debentures. It has also proposed to complete all stalled projects over the next four years.

The Mumbai-based Suraksha Group will soon start the construction process.

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