Jaypee tells SC to hive off Yamuna Expressway project

Jaiprakash Associates shares soar 5% high

Jaiprakash Associates Ltd (JAL) moved the Supreme Court on Friday, seeking permission to sell its holding in the 165 km Yamuna Expressway to generate Rs2,000 crore that it has to deposit to cover its liability towards homebuyers of Jaypee Infratech.

The SC bench comprising Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud fixed October 23 as the next date for hearing the matter.

The six-lane Yamuna Expressway, which links Delhi to Agra, was built by Jaypee in 2012 for a cost of 13,000 crores; the company has stake in the project which entitles it to developing townships along the freeway. 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.

Jaypee Associates told the apex court that it has an offer worth Rs. 2,500 crore and sought permission to "hive-off" the project.

One of the group's firm, Jaypee Infratech, has been taken over by a National Company Law Tribunal (NCLT)-appointed IRP for the recovery of bad loans.

The court had also restrained the directors and managing directors of Jaypee Infratech and Jaypee Associates from travelling overseas without prior permission of the court.

The Supreme Court had earlier asked Jaypee Associate to deposit Rs 2000 crore by October 27 for paying troubled home buyers. The plan will then have to be approved by 75 per cent financial creditors (by value) in the committee.

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