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Yamuna Expressway on sale..

Courtesy/By: Saurav Tibrewal | 20 Oct 2017

The Supreme Court has asked Jaypee Associates to deposit 2000 crore rupees after an insolvency petition was filed against the company. The Jaypee group in its reply has told the Apex court that it wants to sell the Yamuna expressway to generate the said amount. According to the estimate given by the group the sale will generate around 2500 crore rupees. Earlier this year IDBI Bank, the largest creditor of Jaypee Infratech Ltd has initiated insolvency proceedings against Jaypee Infratech (a subsidiary of Jaypee group) in NCLT. Jaypee Group approached the apex court. Initially the court stayed the proceedings but later on September 11, the revived it. The court further asked the interim resolution professional (IRP) Mr. Anuj Jain to prepare a resolution plan and submit it to NCLT within 45 days. Meanwhile, a separate petition was also filed 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. In order to secure their money under the act, the court has asked to deposit the amount of 2000 crore. A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud will again hear the matter on October 23.

Courtesy/By: Saurav Tibrewal | 20 Oct 2017