Yeida moves NCLT over ₹1000 crore dues by Suraksha Group

Yeida has approached the NCLT, seeking intervention over the alleged delay by Suraksha Group in paying ₹1,000 crore in hiked land compensation to farmers

The Yamuna Expressway Industrial Development Authority (Yeida) has approached the National Company Law Tribunal (NCLT), seeking intervention over the alleged delay by Suraksha Group in paying ₹1,000 crore in hiked land compensation to farmers, Yeida CEO RK Singh said Thursday.

Suraksha Group took over Jaypee Infratech Limited in 2024 following an NCLT order and is developing the delayed Jaypee Wishtown housing projects. (HT Archive)

The total compensation amounts to ₹1,334 crore, representing a 64.7% raise promised to farmers whose land was acquired for development projects. Yeida said the group has paid ₹334 crore, leaving ₹1,000 crore outstanding.

In 2013, Yeida promised farmers enhanced compensation for their acquired land. The amount was to be recovered from land allottees, including developers and individuals who purchased land from the authority.

"The resolution plan submitted by the Suraksha Group before the NCLT to take over Jaypee Infratech Limited projects provided for payment of ₹1,334 crore as hiked compensation. However, the group has delayed the payment of ₹1,000 crore. We have issued notices to the firm, but the dues are yet to be cleared. We have approached the NCLT to expedite the payment so that farmers get their money on time,” Singh said.

Abhijit Gohil, CEO of Suraksha Group, said, “We have paid ₹334 crore and the remaining amount will be paid soon. We are yet to get possession of some portions of farmers’ land. Once we get possession, we will start paying the remaining hiked compensation. We will comply with the resolution plan.”

Suraksha Group took over Jaypee Infratech Limited in 2024 following an NCLT order and is developing the delayed Jaypee Wishtown housing projects.