Jaypee wants to sell Yamuna Expressway, tells SC it has a buyer for Rs 2500 cr

The Jaypee group told the Supreme Court (SC) that it wants to sell the Yamuna Expressway to a third party and that they have an offer of Rs 2500 crore.  

The bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud will hear the matter on October 23. 

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

 The court was hearing a plea by over 40 home buyers of Jaypee Wish Town project at Noida in Uttar Pradesh who havechallenged certain provisions of the Insolvency and Bankruptcy Code, 2016.

 The apex court had on September 11 revived insolvency proceedings against Jaypee Infratech Ltd and given itsmanagement control to the Interim Resolution Professional (IRP), appointed by the National Company Law Tribunal, with immediate effect.

 It had restrained the managing director and directors of the company from travelling abroad without permission andasked its parent company, Jaypee Associates, to deposit Rs 2,000 crore with the registry to safeguard the interest of thehome buyers.  

(With PTI inputs)