Suraksha Group Has Proposed Enhanced Payment Towards Farmers’ Compensation
NOIDA: Suraksha Group, the Mumbai-based asset reconstruction company that acquired Jaypee Infratech Ltd (JIL), has proposed an enhanced initial payment towards farmers’ compensation, despite the National Company Law Appellate Tribunal’s (NCLAT) approval of its proposal to pay Rs 1,335 crore over four years in five instalments.
The company informed the Yamuna Expressway Industrial Development Authority (YEIDA) that it is willing to pay Rs 490 crore by Sept 30, instead of the required Rs 133.5 crore — 10% of the total compensation — within 90 days.
The company will effectively pay Rs 329 crore by Sept end as it has already paid the Yamuna Expressway Authority Rs 161 crore.
Suraksha, however, wants YEIDA to assure that it will not challenge the NCLAT order on farmers’ compensation, adjust direct payments received by it from third parties, grant project-related approvals by Noida and Yamuna Authorities, and provide possession of all land acquired from farmers while withdrawing pending litigations against the erstwhile company.
