JP Group's SDZ allocation canceled, Know complete matter

Feb 13 2020 04:52 PM
JP Group's SDZ allocation canceled, Know complete matter

On Wednesday, the Yamuna Authority has canceled the allocation of Jaypee International Sports SDZ. The authority has canceled the allotment for non-payment of the outstanding amount of one thousand crores. At the board meeting of the authority held in November, the CEO was authorized for the decision. Due to the cancellation of the SDZ allocation, the Buddha International Circuit, Formula One, cricket stadium has come under threat. Authorization has now been taken over this property. The price of the revoked SDZ is estimated to be around 20 thousand crore rupees.

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SDZ was allocated for sports activity
During the years 2009 to 2010, the Yamuna Authority had allocated a plot of about one thousand hectares in Sector 25 to the SPZ activity in the SDZ category during the BSP government. Between 2009 and 2011, the Authority leased 965.73 hectares of land in favor of the company. In its 35% share, sports were recognized as core activities and the rest for other activities.

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The company was required to pay twenty percent of the price of the plot at the time of allotment and the condition of giving the remaining amount in 20 half-yearly installments but the company did not pay the installments in time. The authority sent him 21 notices between 2011 and 2015. Issuing the final notice in 2016, he was directed to deposit the outstanding amount by September 2016. The company had sought extension of time from the authority citing its poor economic condition. He was given an extension of time under a rescheduling policy. In 2017, the company deposited another 3 hundred crore rupees against the outstanding amount but did not pay the remaining installments in time. Authority CEO Dr. Arunveer Singh on Wednesday canceled the allotment of plot, due to the arrears of about one thousand crore rupees including a bank guarantee of hundred crores.

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