Jaypee's stalled Wish Town leaves homebuyers in the lurch

Resolution between Yeida and Suraksha Group to settle farmer compensation issues may get delayed

- SANKET KOUL

A final resolution between Yamuna Expressway Industrial Development Authority (Yeida) and Mumbai-based Suraksha Group to settle issues related to farmer compensation to complete stuck realty projects of bankrupt Jaypee Infratech in Noida may get delayed.

The development comes after the National Company Law Appellate Tribunal (NCLAT) had said that the homebuyer's appeal will be heard on merits and a judgment passed if both bodies do not reach an amicable settlement by April 18.

"While both bodies are on the right path as far as a settlement is concerned, meeting the April 18 deadline would depend on getting Cabinet approval," a source close to the development said.

Yeida in September 2023 had approved Suraksha Group's initial resolution plan to complete stuck realty projects of bankrupt Jaypee Infratech in Noida and Greater Noida, with a caveat that the realtor will have to pay additional compensation of about 64.7 per cent towards land compensation to farmers. The plan is currently stuck with the Uttar Pradesh (UP) government, awaiting Cabinet nod.

Suraksha Group has also submitted a revised resolution plan, which is still under consideration with Yeida.

"The proposal for an out-of-court settlement between Yeida and Suraksha has been pending since July 2023. More than nine months have passed but no settlement has been arrived at," says an application filed by homebuyers to the appellate body.