Jaypee tells SC to hive off Yamuna Expressway project

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The Country’s largest real estate firm Jaypee Associates seeks permission from the Supreme Court to hive off it’s Yamuna Expressway project to raise Rs 2000 crore.

The apex court has asked to deposit Rs 2000 crore to cover its liability towards the home buyers of Jaypee Infratech.

The Jaypee Associates has told Supreme Court that it has decided to sell off Yamuna Expressway to another party for Rs 2,500 crore.

A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud told they will hear the matter on October 23.

The real-estate developers have told the apex court that it will sell the highway to return the pay of 30,000 people to whom the real estate firm is failing to deliver the apartment.

It was learned that the court was hearing a plea by over 40 home buyers who allegedly challenged provisions of the Insolvency and Bankruptcy Code, 2016 against the company.

It was reported that the company has been facing a protest by the home buyers because of its long delay in the delivery of projects.

The court will now hear the matter on October 23.

Banks has asked to deposit the unpaid loans of worth Rs 500 crores.

It was discovered that around 32,000 persons had booked flats in the project of Jaypee Infratech.

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