India's one and only F1 racetrack gets sealed due to non-payment of dues
- India's Formula1 race track is sealed due to a pending due of INR 600 crores
What’s the story?
India’s one and only Formula 1 racing track, the Buddh International Circuit is being sealed due to uncleared dues, according to reports by media.
In case you didn’t know
The track is located in Greater Noida and was designed by Hermann Tilke, an architect and racetrack designer from Germany. The racetrack had hosted the Formula1 Indian Grand Prix from 2011-2013. However in 2014, there was a tax dispute with the Uttar Pradesh Government that led to the suspension of the Grand Prix. At the professional motorsport World Expo held in 2011 this race track was awarded the 2011 Motorsport Facility of the Year Award.
The heart of the matter
Although this Formula 1 racing track gave India a global recognition in the field of motorsport, it has always been plagued by controversies. The Yamuna Expressway Industrial Development Authority (YEIDA) canceled the lease of the owner, Jaypee Group 1.5 months earlier. Jaypee owes a whopping INR 600 crores to YEIDA. The INR 2000 crore-race track is supposedly being planned by YEIDA to be auctioned.
According to reports there will be no effect on the events that were planned even though the F1 race track has been sealed. The Jaypee Group has taken a legal course to this. However, there has been no official statement released by either of the parties.