The arbitral tribunal has ordered the Yamuna Expressway Development Authority to recover Rs 41.14 crore along with interest from investor Jaypee Infratech, saying the claim filed by developers & # 39; s builders was illegal. not valid.
The majority's order was passed last week, with O-Garg's chief of staff and Justice V K Gupta presiding over the return while Justice P K Srivastava rejected it.
As per the ruling, the authorities applied for Rs 2,591.78 crore in January 2015 and Rs 247 crore in May 2017 from Jaypee Infratech as & # 39; no court incentives & # 39; or additional compensation to farmers whose land they received from the administration was allocated to the developer of the Yamuna Expressway and for other purposes.
However, Jaypee Infratech, a subsidiary of Jaypee Group of Jaiprakash Associates, has been seeking its claim that claims filed by Hay & # 39; s are against the provisions of the concession and are therefore illegal. The company was looking to recover the amount it paid with interest.
The real estate company said it spent Rs 41.14 crore against the Yamuna Expressway Industrial Development Agency (YEIDA) under coercion and financial pressure to obtain sanctions, approvals, and completion certificates from Hay & # 39; s. Noida Development for its various construction projects.
In a 31-page majority rule, the attorney general said, "Therefore, we are not inferred from the fact that the plaintiff (Jaypee Infratech) is not responsible for & # 39; ; is not willing to pay "for an additional compensation of 64.7 percent.
The concession agreement will not allow YEID to roll back and recover from existing needs, she said. "According to the two application communications dated January 20, 2015, and May 31, 2017, filed by respondent (YEIDA) they were declared to be illegal, ineffective and ineffective as well. other cannot be forgiven for the claim, ”the order said.
Noting that the defendant (Jaypee Infratech) paid the money in protest, the court ordered YEIDA to recover, within three months of receiving the award, amounting to Rs 41.14 crore with interest at 9 per cent per annum. from actual delivery dates.
The court added that if YEIDA fails to recover the money within three months, then it will be liable to pay the first charge and interest, with an additional interest rate. 12 per cent per year until it is truly returned to the company. .
In the order, the court also ordered YEIDA to ensure that the development work is not hampered by Noida's development efforts.
Under the concession agreement, Jaypee Infratech has been granted a concession for 36 years beginning from the date of August 9, 2012. According to the agreement, 25 million square meters of land is reserved for transferred to Jaypee Infratech also shows improvements as well as housing, entertainment, business, agency & zones.
Jaypee Infratech entered into an alliance in 2017 after the National Corporate Law Tribunal (NCLT) accepted a request from an agency led by IDBI Bank seeking a resolution to the company.
During the first round of joint litigation, a Rs 7,350 crore bid for Lakshdeep, a subsidiary of Suraksha Group, was rejected by lenders.
In October 2018, IRP Transitional Professionals Anuj Jain launched a new plan to revive Jaypee Infratech in the direction of NCLT. In the second round, lenders rejected Suraksha Realty and NBCC's government-owned applications from the sale process.
The matter is currently pending in the High Court, which has asked the NBCC to submit its revised application.