The Yamuna Expressway Industrial Development Authority (YEIDA) filed an appeal challenging an order by the National Company Law Tribunal (NCLT), New Delhi, which approved a resolution plan submitted by Suraksha Realty for Jaypee Infratech Limited (JIL). YEIDA's grievance stems from the resolution plan's treatment of its claim for additional compensation to farmers, arguing that the plan unfairly allocates only a nominal amount (INR 10 lakhs) against its substantial claim (INR 1,689.017 crores). The dispute originates from a concession agreement between YEIDA and JIL for the Yamuna Expressway project, where YEIDA granted JIL rights to collect tolls and commercially exploit land. Farmers later demanded additional compensation for land acquired for the project, leading to
…Yamuna Expressway Industrial Development Authority (YEIDA) is a statutory authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976. YEIDA executed a Concession Agreement with Jaypee Infratech Limited (JIL) for the construction of the Yamuna Expressway, granting JIL rights to collect tolls and commercially exploit land. Between 2007 and 2014, YEIDA acquired land from farmers, which led to disputes over compensation. The Allahabad High Court directed additional compensation of 64.7% to the farmers. YEIDA passed a resolution on 15.09.2014 to pay the additional compensation, issuing demands to JIL. JIL initiated arbitration proceedings against YEIDA, questioning the demand for additional compensation. IDBI filed an application, initiating
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The Yamuna Expressway Industrial Development Authority (YEIDA) filed an appeal challenging an order by the National Company Law Tribunal (NCLT), New Delhi, which approved a resolution plan submitted by Suraksha Realty for Jaypee Infratech Limited (JIL). YEIDA's grievance stems from the resolution plan's treatment of its claim for additional compensation to farmers, arguing that the plan unfairly allocates only a nominal amount (INR 10 lakhs) against its substantial claim (INR 1,689.017 crores). The dispute originates from a concession agreement between YEIDA and JIL for the Yamuna Expressway project, where YEIDA granted JIL rights to collect tolls and commercially exploit land. Farmers later demanded additional compensation for land acquired for the project, leading to
…Yamuna Expressway Industrial Development Authority (YEIDA) is a statutory authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976. YEIDA executed a Concession Agreement with Jaypee Infratech Limited (JIL) for the construction of the Yamuna Expressway, granting JIL rights to collect tolls and commercially exploit land. Between 2007 and 2014, YEIDA acquired land from farmers, which led to disputes over compensation. The Allahabad High Court directed additional compensation of 64.7% to the farmers. YEIDA passed a resolution on 15.09.2014 to pay the additional compensation, issuing demands to JIL. JIL initiated arbitration proceedings against YEIDA, questioning the demand for additional compensation. IDBI filed an application, initiating
…The Uttar Pradesh Industrial Area Development…
YEIDA executed a Concession Agreement with…
Sign in to view related legal provisions.