GREATER NOIDA: Amid confusion over toll collections, the Yamuna Expressway Industrial Development Authority (YEIDA) has decided to seek legal opinion to decide how it would operate Yamuna Expressway.
Officials said the Authority is waiting for a copy of the NCLT order that directs state-run NBCC to take over the assets of Jaypee Infratech in order to finish the stalled projects of the real estate company. YEIDA is waiting to check the resolution plan and what NBCC has proposed to do with revenues generated through toll collections, officials said.
“We have to study NBCC’s resolution plan and what it plans to do with Yamuna Expressway. We will have to draft a fresh agreement or contract to adhere to NCLT’s directions. In the meantime, we would hold discussions with NBCC,” a general manager of the authority told TOI.
The 165km-long expressway that connects Gautam Budh Nagar with Agra was developed by Jaypee Infratech. Incorporated in April 2007 as a special purpose vehicle, Jaypee was given the mandate to construct the six-lane expressway in lieu of rights to develop 2,500 hectares of land for residential, industrial and institutional purposes.
The high speed corridor was thrown open to public in 2012 and the group made investments of about Rs 12,000 crore. Jaypee was appointed as concessionaire to operate and maintain the highway for 36 years.
Adding to the complications, in December, YEIDA took a decision to secure one-fourth of the daily toll collection in an escrow account in order to improve road safety measures. Apart from revenues, the model to tackle the obligations would also need to be framed.
At stake is the languishing issue of paying more than Rs 2,500 crore to farmers whose land was acquired to develop townships and industrial units along the expressway. The amount has to be doled out as per directive of the Allahabad high court that entitles farmers to claim 64.7% additional compensation.
Officials said the Authority is waiting for a copy of the NCLT order that directs state-run NBCC to take over the assets of Jaypee Infratech in order to finish the stalled projects of the real estate company. YEIDA is waiting to check the resolution plan and what NBCC has proposed to do with revenues generated through toll collections, officials said.
“We have to study NBCC’s resolution plan and what it plans to do with Yamuna Expressway. We will have to draft a fresh agreement or contract to adhere to NCLT’s directions. In the meantime, we would hold discussions with NBCC,” a general manager of the authority told TOI.
The 165km-long expressway that connects Gautam Budh Nagar with Agra was developed by Jaypee Infratech. Incorporated in April 2007 as a special purpose vehicle, Jaypee was given the mandate to construct the six-lane expressway in lieu of rights to develop 2,500 hectares of land for residential, industrial and institutional purposes.
The high speed corridor was thrown open to public in 2012 and the group made investments of about Rs 12,000 crore. Jaypee was appointed as concessionaire to operate and maintain the highway for 36 years.
Adding to the complications, in December, YEIDA took a decision to secure one-fourth of the daily toll collection in an escrow account in order to improve road safety measures. Apart from revenues, the model to tackle the obligations would also need to be framed.
At stake is the languishing issue of paying more than Rs 2,500 crore to farmers whose land was acquired to develop townships and industrial units along the expressway. The amount has to be doled out as per directive of the Allahabad high court that entitles farmers to claim 64.7% additional compensation.
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