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Jaypee Associates Seeks SC Nod to Sell Yamuna Expressway to Compensate Homebuyers

Seeking the top court’s nod to sell the Yamuna Expressway, Jaypee Associates said it had an offer of Rs 2,500 crore from a potential buyer. The Supreme Court will hear the matter on October 23.

Utkarsh Anand | CNN-News18

Updated:October 13, 2017, 3:38 PM IST
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New Delhi: Jaypee Associates on Friday told the Supreme Court that it will have to sell the Yamuna Expressway to comply with the court’s order to deposit Rs 2,000 crore to compensate homebuyers who had purchased flats from Jaypee Infratech.

Seeking the top court’s nod to sell the Yamuna Expressway, Jaypee Associates said it had an offer of Rs 2,500 crore from a potential buyer. The Supreme Court will hear the matter on October 23.

Jaypee Associate, the parent company of Jaypee Infratech, had earlier been asked by the apex court to deposit Rs 2,000 crore with the Supreme Court registry by October 27 for paying troubled home buyers.

The court was hearing a plea by over 40 home buyers of Jaypee Wish Town project at Noida in Uttar Pradesh who have challenged certain provisions of the Insolvency and Bankruptcy Code, 2016.

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

It had restrained the managing director and directors of the company from travelling abroad without permission and asked its parent company, Jaypee Associates, to deposit Rs 2,000 crore with the registry to safeguard the interest of the homebuyers.

The top court had 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.

(With PTI inputs)

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