Real Estate and infra major Jaypee group has come up with a proposal to generate money for its embattled group. On Friday, it informed the Supreme Court that it is willing to “hive-off”, in other words sell off, multi-crore Yamuna Expressway in order to rescue itself out of the bankruptcy.
The group is facing court proceeding for settling the money of home buyers. The Supreme Court has asked Jaypee Associate, the parent company of Jaypee Infratech, to deposit Rs 2,000 crore with the court registry by October 27 for paying troubled home buyers.
The group, then, 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 October 23.
The famous 205-km Yamuna Expressway, connecting Delhi’s satelite township Noida with Agra has been functional since 2012.
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 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.
(With inputs from PTI)