Advertisement
Thursday, Oct 06, 2022
Outlook.com
Outlook.com

Jaypee Associates Seeks Permission From SC To Sell Yamuna Expressway To Pay Rs 2,000 Crore Debt

Jaypee Associates Seeks Permission From SC To Sell Yamuna Expressway To Pay Rs 2,000 Crore Debt
| Representative Image- File
Jaypee Associates Seeks Permission From SC To Sell Yamuna Expressway To Pay Rs 2,000 Crore Debt
outlookindia.com
2017-10-13T11:55:37+05:30

The embattled Jaypee group today informed the Supreme Court that it wants 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 A M Khanwilkar and D Y Chandrachud said it 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 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.

Read Also: Faced With Uncertainty, Jaypee Infratech Homebuyers Decide To Stop Paying Loan EMIs

 

 ( PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement