Suraksha Group takes control of bankrupt Jaypee Infratech

New Delhi, June 5

Advertisement

In a big relief to over 20,000 homebuyers, Suraksha Group has taken control of the debt-ridden realty firm Jaypee Infratech by constituting a three-member board and will soon infuse Rs 125 crore equity fund to start construction of stalled housing projects across Delhi-NCR.

The takeover follows insolvency appellate tribunal NCLAT decision on May 24, upholding Suraksha Realty’s bid to acquire Jaypee Infratech while directing it to pay an additional Rs 1,334 crore as farmers’ compensation.

According to a regulatory filing by Jaypee Infratech on Wednesday, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the ‘Approval Date’ as defined in the approved resolution plan.

The IMC, in its meeting held on Tuesday, approved the appointment of Sudhir V Valia, who is promoter of Suraksha Group, as a Non-Executive Director. It approved the appointment of Aalok Champak Dave as Executive Director and Usha Anil Kadam as independent director. Dave has also been appointed as Managing Director and Chief Executive Officer.

According to the filing, Valia was an Executive Director in Sun Pharmaceuticals Industries Ltd. He is a co-founder of Sun Pharmaceutical Industries, one of the leading pharmaceutical companies and world’s fifth largest generic pharmaceutical company.

Valia is a member of the Institute of Chartered Accountants of India and has more than three decades of experience in taxation and finance. He has experience of more than a decade in managing the real estate development activity and infrastructure business through Suraksha Realty and other associates having activity in real estate.

According to sources, Suraksha Group will infuse an equity fund of Rs 125 crore in Jaypee Infratech by June 15 and will soon start the construction process. It will also start making payment to YEIDA as per the schedule.