Today, more than 20,000 homebuyers received significant relief. Suraksha Group has acquired Jaypee Infratech. Jaypee Infratech was drowning in debt. Homebuyers will benefit from the Suraksha Group acquisition.

It is expected that after this takeover, the stalled housing projects in Delhi-NCR will resume. Suraksha Group will now infuse Rs 125 crore to kickstart the project.

The acquisition follows the Insolvency Appellate Tribunal's (NCLT) decision on May 24. The NCLT decision upheld Suraksha Realty's bid to acquire Jaypee Infratech while ordering the company to pay an additional Rs 1,334 crore in compensation to farmers.

According to a regulatory filing by Jaypee Infratech, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be considered as the 'approval date'. The IMC approved the appointment of Sudhir V Walia as non-executive director in its meeting held on Tuesday.

The board also approved the appointment of Alok Champak Dave as executive director and Usha Anil Kadam as independent director.

Citing sources, the news agency reported that Suraksha Group will infuse equity funds of Rs 125 crore in Jaypee Infratech by June 15 and will start the construction process soon. It will also start making payments to YEIDA as per schedule.