[ecis2016.org] The embattled Jaypee Group has informed the Supreme Court that it wants to hive-off the multi-crore Yamuna Expressway in order to generate money
Jaypee Associates, on October 13, 2017, has told the Supreme Court that it has an offer worth Rs 2,500 crores for its Yamuna Expressway project and sought permission to give the project to another party. A bench of chief justice Dipak Misra and justices AM Khanwilkar and DY Chandrachud, said it will hear the matter on October 23, 2017.
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Jaypee Associates, the parent company of Jaypee Infratech, had earlier been asked by the apex court to deposit Rs 2,000 crores with the Supreme Court registry, by October 27, 2017, 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.
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The apex court had on September 11, 2017, 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 crores with the registry, to safeguard the interest of the home buyers. 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.
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