An arbitrational tribunal has directed Yamuna Expressway Industrial Development Authority to refund Rs 41.14 crore along with interest to bankruptcy-bound Jaypee Infratech, saying the demands raised by the authority against the builder are illegal and invalid.
The majority order was passed last week, with presiding arbitrator Justice O P Garg and co-arbitrator Justice V K Gupta ruling in favour of this refund while another co-arbitrator Justice P K Srivastava dissenting.
As per the judgement, the authority had demanded Rs 2,591.78 crore in January 2015 and another Rs 247 crore in May 2017 from Jaypee Infratech as ‘no litigation incentive’ or additional compensation to be paid to the farmers whose land was acquired by the authority and then allotted to the developer for constructing Yamuna Expressway projects and other purposes.
