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Noida: After two days National Company Law Tribunal (NCLT) has approved security groupbid to buy Jaypee Infratech Limited (JIL), Yamuna Expressway Industrial Development Authority (Yes) said it would file an appeal in the Appellate Tribunal against the rejection of their demand for additional compensation of Rs 1,689 crore to be paid to farmers, but it would not challenge the resolution plan.
On Thursday, YEIDA chief executive officer Arun Vir Singh interacted with Alok Dave, managing director and CEO of the Mumbai-based property reconstruction company. He said both the parties would try to find an amicable solution to the matter as it was agreed in principle that the latter would pay additional compensation to the authority.
“Soon there will be an agreement on this. The settlement will be part of our appeal in the National Company Law Appellate Tribunal (NCLAT). I want to clarify that the appeal is not intended to obstruct or stop the resolution plan as it involves 20,000 homebuyers. Singh told TOI, “We will mention this fact in the appeal as well. Our objection will be related to additional compensation to farmers and external development charges of Rs 410 crore.”
The CEO said the authority’s legal department is working on the appeal, which will be filed within two weeks.
The Supreme Court had in May last year upheld 64.7% additional compensation to farmers in the Yamuna Expressway areas.
When contacted, Dave said he met the CEO of Yeda on Thursday and initiated discussions to find an amicable solution. The agreement is expected to benefit over 10,000 farmers.
JIL, which had built the 165-km Yamuna Expressway, was given the right to develop five LFDs (land for development) of 500 hectares each along the expressway and in Noida.
Of these, three LFDs are located at Gautam Budh Nagar and one each at Aligarh and Agra. Along with these plots, additional compensation will be given to those farmers whose land was acquired for the construction of the Yamuna Expressway.
While JIL launched several residential and commercial projects in Noida, some plots in two LFDs in YEIDA area are still lying vacant. LFDs are also lying vacant in Aligarh and Agra. Officials said the final additional compensation amount would be more than Rs 1,100 crore, as around Rs 554 crore has already been paid by the sub-lessees of JIL and the Noida Authority.
On Tuesday, the NCLT rejected several demands of both YEDA and the asset reconstruction company, allowing JIL’s bid for takeover security.
YEIDA’s demands for additional compensation to farmers and external development charges were rejected, while the acquiring company’s plans to collect toll on the Noida-Greater Noida Expressway, extend the concession period on the Yamuna Expressway to 15 years, hand over 79 hectares of land The demand was made. The right to revise the toll fee every year on the remaining land, Yamuna Expressway, remained unfulfilled.
Officials said as per the concession agreement, it was decided that JIL would be allowed to collect toll on the Noida-Greater Noida Expressway.
However, this section was never invoked as the case involved thousands of residents of Noida and Greater Noida who commute between the townships daily.
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