Jaypee Group warned to pay dues of Rs 108 crores in a month or lose Buddh Circuit

Last Updated: Wed, Nov 28, 2018 21:23 hrs
A man walks in front of a billboard of Jaypee Infratech in Mumbai

Debt-laden Jaypee Group has been warned that it could stand to lose its Formula One Buddh International Circuity and Jaypee Sports City, unless it cleared its financial dues within a month.

YEIDA's Chairman Prabhat Kumar was quoted as saying in a news report that Jaypee Group was yet to clear installments inspite of being given time.

He said, "Jaypee group owes Rs 108 crores to the authority against 1,000 hectare of land allotted for constructing the Formula One circuit and the Jaypee Sports City."

"The authority had relieved the builder and made re-schedulement of the amount but the builder failed to pay instalments."

"We have given a final one month's time to clear debts or we will initiate strict actions against them,"

At the sidelines of YEIDA's 64th Board Meeting in Greater Noida, authorities also decided not to increase the toll on the 165-km long Yamuna Expressway.

The Jaypee group's two holding companies Jaiprakash Associates Ltd and Jaypee Infratech Ltd are facing insolvency proceedings.