Want to ‘Hive Off’ Yamuna Expressway Project, Jaypee Tells SC

Jaypee Associates told Supreme Court that it has an offer worth Rs 2,500 crore and sought permission to sell.

1 min read
The Yamuna Expressway project by Jaypee.

The embattled Jaypee group on 13 October informed the Supreme Court that it wanted to “hive off” the multi-crore Yamuna Expressway in order to generate money.

Jaypee Associates told the apex court that it has an offer worth Rs 2,500 crore 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 23 October.

Jaypee Associates, 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 27 October for paying troubled home buyers.

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

The apex court had on 11 September 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 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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