In the cancellation of land allotment of other projects including Formula One circuit, Jaypee Associates has deposited Rs 100 crore in the account of Yamuna Authority. The company has sought certain concessions from the authority. This will not only lead to a Formula One circuit race, but will also give relief to Jaypee’s investors. In the case, the High Court had ordered the builder to present the payment plan after paying 100 crores.
The authority owes JP about one thousand crore rupees including premium and additional compensation to farmers. The Yamuna Authority had canceled the allotment of hundreds of hectares of land given for other projects, including the Formula One circuit, for non-deposit of money. Several projects were to be built on the allotted land, including a residential scheme and a Formula One circuit, besides a cricket stadium.
Jaypee had sold the land of the residential project in it to other builders. Even after this, the authority had sealed the structure built on the allotted land in February 2020 for not depositing the money. On the other hand, after the allotment was cancelled, a petition was filed in the High Court on behalf of Jaypee Associates. The High Court, while hearing on September 29, 2022, said that first JP should deposit Rs 100 crore in Yamuna Authority and present his payment plan before them.
Jaypee presented its payment plan to CEO Dr. Arunveer Singh last week by depositing an amount of 100 crores. The matter was again heard in the High Court on 9 November. The MotoGP bike race is proposed to be held on the Formula-One circuit in 2024. Recently, along with Industrial Development Minister Nand Gopal Gupta Nandi, the Chairman of Spanish company Dorna, Carmelo Elzepeta met the Chief Minister. Preparations have started for the race on the circuit.
Expansion
Jaypee Associates has deposited Rs 100 crore in the account of Yamuna Authority in the case of cancellation of land allotment of other projects including Formula One circuit. The company has sought certain concessions from the authority. This will not only enable Formula One circuit race but also provide relief to Jaypee’s investors. In the case, the High Court had ordered the builder to submit a payment plan after paying Rs 100 crore.
The authority owes JP about one thousand crore rupees including premium and additional compensation to farmers. The Yamuna Authority had canceled the allotment of hundreds of hectares of land given for other projects, including the Formula One circuit, for non-deposit of money. Several projects were to be built on the allotted land, including a residential scheme and a Formula One circuit, besides a cricket stadium.
Jaypee had sold the land of the residential project in it to other builders. Even after this, the authority had sealed the structure built on the allotted land in February 2020 for not depositing the money. On the other hand, after the allotment was cancelled, a petition was filed in the High Court on behalf of Jaypee Associates. The High Court, while hearing on September 29, 2022, said that first JP should deposit Rs 100 crore in Yamuna Authority and present his payment plan before them.
Jaypee presented its payment plan to CEO Dr. Arunveer Singh last week by depositing an amount of 100 crores. The matter was again heard in the High Court on 9 November.
Ritika
