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Noida, security groupResolution approved by the applicant National Company Law Tribunal ,NCLT) to complete the projects of Jaypee Infratech Ltd (JIL) has submitted a proposal, agreeing to build 20,000 flats and pay additional compensation to farmers.
Now the proposal will be evaluated by the financial advisor curry and brown, The Yamuna Expressway Industrial Development Authority (YEIDA) will prepare a counter-proposal, get it examined by its board and the state government and then place it before the NCLAT on the next date of hearing on August 25.
The matter reached the NCLAT in April this year after YEIDA challenged a resolution proposal submitted by Suraksha.
Years ago – when Jaypee Infratech built the Yamuna Expressway – it was given 500 hectares each in Noida, Greater Noida, Agra, Aligarh and outside the Yamuna Expressway. But Jaypee still has to build about 20,000 flats on these plots and pay an additional compensation of 64.7% to about 10,000 farmers who have given up their land. There is hardly any development in the plots of Agra and Aligarh.
On 7 March, Suraksha was tasked with completing Jaypee’s projects when the private developer cited financial difficulties. While it approved the bid for protection, the NCLT rejected YEIDA’s claim of Rs 1,689 crore required to compensate farmers. The authority then moved the NCLAT in April.
Both sides – Security and YEIDA – were involved in discussions together to find a solution to the standoff. Security has now handed over the proposal to YEIDA.
Officials said Suraksha had agreed to construct the remaining flats and pay additional compensation to the farmers, but had placed certain conditions before YEIDA.
He said the company had requested the government to provide 79 acres of land which was to be handed over without any extra cost under the contract with Jaypee. It also demanded that along with water charges, delay charges, if any, relating to residential projects be waived off.
Suraksha has also sought extension of the concession period for the Yamuna Expressway by 15 years. Under the existing concession agreement, Jaypee can manage the expressway and collect toll on it for 36 years.
