For Rs 2,500 crore, Jaiprakash Associates wants to sell Yamuna Expressway

On Friday Jaiprakash Associate moved to Supreme Court asking permission to sell its Yamuna Expressway in order to tackle it’s subsidiary Jaypee Infratech’s debt, it desires to “hive off” the multi-crore Yamuna state highway to get cash to pay homebuyers.

The parent company of Jaypee Infratech, Jaypee Associates, told the Supreme Court that it’s a suggestion value Rs 2,500 large integer and sought-after permission to convey the Yamuna state highway project to a different party.

As per the current report, it has been informed that on 23 October 2017 a bench of Chief Justice will hear the matter which includes Dipak Misra and Justices AM Khanwilkar and DY Chandrachud.

The parent company of Jaypee Infratech, Jaypee Associates,  previously for their fault had been asked by the apex court to deposit Rs 2,000 crore with the Supreme Court registry by October 27 for paying troubled homebuyers.

The court was hearing a plea by over forty homebuyers of Jaypee want city project at Noida in province WHO have challenged sure provisions of the economic condition and Bankruptcy Code, 2016.

On September 11 the apex court had revived insolvency proceedings appointed by the National Company Law Tribunal, with immediate effect against Jaypee Infratech Ltd and given its management control to the Interim Resolution Professional (IRP).

Its parent company has asked Jaypee Associates, to deposit Rs 2,000 crore with the registry to safeguard the interest of the home buyers. It had restrained the managing director and directors of the company from traveling abroad without permission. Other than it the court has also asked Jaypee Infratech to hand over records to the IRP for drafting a resolution plan, indicating protection of interests of over 32,000 hassled home buyers and creditors.

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