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Jaypee Sought SC’s Permission To Sell Its Cement Assets, To Pay Back Homebuyers

Courtesy/By: Snigdha Kashyap | 14 Jul 2018

Jaypee Associates Limited approached the Supreme Court on Friday seeking permission to sell its cement assets including its Rewa Cement Plant in Madhya Pradesh.

JAL filed its three page application before a Supreme Court bench led by CJI, Dipak Misra. It application it stated that they want to dispose of their cement asset in order to raise enough funds to payback homebuyers, complete its subsidiary (Jaypee Infrastructure Limited) incomplete projects and to pay off its creditor.

JAL also asked for courts approval to monetize tolls receivable from Yamuna Expressway owned by JIL. Jaypee has also offered to complete and handover the possession of 21,528 homes under construction at Wish Town, Noida.

SC ia also hearing homebuyers who approached the court last year after NCLT (National Company Law Tribunal) admitted IDBUI Bank’s plea to initiate insolvency proceedings against JAL for defaulting on Rs 526 crore loan.

The court has set July 16 as next date of hearing in this case.

Courtesy/By: Snigdha Kashyap | 14 Jul 2018