The court has denied the permission to Jaypee group to sell Yamuna expressway to deposit the amount of 2000 crores, but as a relief measure the bench extended the period for deposit upto 5th November 2017.
Earlier, in an insolvency proceeding, the Jaypee Group has sought the permission of the apex court to hive off the Yamuna expressway to deposit 2000 crore. Today, appearing for the group, senior advocates Kapil Sibal and Mukul Rohatgi told the bench that JIL had no money to deposit and the company should be allowed to hive off the highway project to raise the money. They further informed that a Singapore based company had agreed to pay Rs 2,500 crore to take over the highway.
The bench comprising of Chief Justice Dipak Misra, Justices A.M. Kahanwilkar and D.Y. Chandrachud denied any such permission to the group stating that “We are not inclined to entertain the application for modification of the order dated 11th September 2017”. The request was opposed by Centre and consortium of lender banks led by IDBI which contended that the property belonging to JAL which was itself facing insolvency proceedings and could not be used to refund the money of flat buyers in JIL projects. During the hearing, the bench observed that homebuyers who were earlier moving from pillar to post to get possession of their flats were now getting their money back after the courts took up their cause.
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