Suraksha Group Rescues 20,000 Homebuyers with Jaypee Infratech Takeover

The Suraksha Group has taken control of the troubled Jaypee Infratech, promising relief to over 20,000 homebuyers by infusing Rs 125 crore for stalled housing projects. This takeover follows the NCLAT's decision, affirming Suraksha's acquisition bid and directing additional payments for farmers' compensation.

In a significant development, the Suraksha Group has taken over the beleaguered realty company Jaypee Infratech, thus providing a major relief for more than 20,000 stressed homebuyers. The company plans to inject a Rs 125 crore equity fund to restart construction on stalled housing projects across Delhi-NCR.

The takeover comes after a decisive ruling by the National Company Law Appellate Tribunal (NCLAT) on May 24, which endorsed Suraksha Realty's acquisition offer while mandating an additional Rs 1,334 crore compensation for farmers. Suraksha Group has communicated to the Implementation and Monitoring Committee (IMC) that the NCLAT's order date should be considered the 'Approval Date,' as per the resolution plan.

The IMC ratified the appointments of Sudhir V Valia as Non-Executive Director, Aalok Champak Dave as Executive Director, and Usha Anil Kadam as independent director.

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