Want to sell Yamuna Expressway for Rs 2500 crore

Jaiprakash Associates shares soar 5% high

Jaiprakash Associates shares soar 5% high

The Supreme Court had earlier asked Jaypee Associate to deposit Rs 2000 crore by October 27 for paying troubled home buyers.

Jaiprakash Associates, the flagship firm of the debt-ridden infrastructure major Jaypee Group, has sought permission from the Supreme Court to sell the Yamuna Expressway to generate money.

"The case was brought before a bench of Chief Justice Dipak Misra and Justices A.M. Khanwilkar and D.Y. Chandrachud".

The company informed the court that it would like to hand over the highway to other construction companies at a price of Rs 2,500 crore.

On September 11, 2017, the apex court restored the National Company Law Tribunal (NCLT) insolvency proceedings against Jaypee Infratech that were stayed on September and also expedited the process. 40 who bought flats at a Jaypee project in Uttar Pradesh have challenged the bankruptcy law introduced previous year claiming that it gives banks that lend to property developers unfair priority, and fails to safeguard homebuyers. The IBC code allows proceeds from the liquidation of assets to distributed to secured lenders first.

It had restrained the managing director and directors of the company from travelling overseas 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. Jaypee Infratech is a subsidiary of JAL. The Jaypee Group was given land in lieu of constructing the Yamuna Expressway project between Greater Noida and Agra. Jaypee earns from toll collected on the highway and is entitled to developing townships along the expressway.

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