Crisis-hit Jaypee may lose F1 land over dues

Noida (UP), November 28

Crisis-hit Jaypee group will have to clear dues of Rs 108 crore by the end of this year or it may lose the 1,000-acre land allotted for its Formula One Buddh International Circuit and Jaypee Sports City, Yamuna Expressway Industrial Development Authority (YEIDA) officials said.

The board has decided to grant the Jaypee group, which was supposed to make the payment by September, a final one month’s time to clear their debt, or face coercive actions, including cancellation of land allotment, a senior official said.

“Jaypee group owes Rs 108 crore to the authority against 1,000 hectare of land allotted for constructing the Formula One circuit and the Jaypee Sports City. The authority had relieved the builder and rescheduled the amount but the builder failed to pay instalments. We have given a final one month’s time to clear debts or we will initiate strict action against them,” YEIDA chairman Prabhat Kumar told reporters.

The group’s two holding companies — Jaiprakash Associates Ltd and Jaypee Infratech Ltd — are facing insolvency proceedings. — PTI