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Real estate major Jaypee Group on Friday sought the Supreme Court’s permission to “hive off” its six-lane, 165-kilometre-long Yamuna Expressway to generate funds to refund people who had invested in its housing projects.
The firm told a bench comprising Chief Justice of India Dipak Misra and justices A M Khanwilkar and D Y Chandrachud that it had received an offer of Rs 2,500 crore for the expressway. The bench said that it would hear the matter on October 23. Jaypee counsel said that the company needed to raise funds to deposit Rs 2,000 crore in the apex court registry for paying the troubled home buyers. On September 11, the court had directed the builder group to deposit Rs 2,000 crore in the SC Registry by October 27 to cover its liabilities to home buyers and asked it to take prior approval of the court if it wished to sell any asset or property to raise these funds.
The order came while hearing a plea by homebuyers of Jaypee’s Wish Town project at Noida in Uttar Pradesh challenging the insolvency proceedings initiated against Jaypee Infratech. The court had also restricted the directors of firm from leaving the country. The apex court also revived insolvency proceedings against Jaypee Infratech Ltd and handed over its management control to the Interim Resolution Professional (IRP), appointed by the National Company Law Tribunal.
The top court had also asked Jaypee Infratech to hand over records to the IRP for drafting a resolution plan, indicating protection of interests of over 32,000 hassled home buyers and creditors. The Expressway, which links Delhi to Agra in Uttar Pradesh, was constructed by Jaypee in 2012 at a cost of 13,000 crore. Jaypee is entitled to developing townships along the expressway.
In a related development, acting on a plea by homebuyers who had invested in housing projects proposed to be built by the Amrapali Group, the SC restrained its promoters from leaving the country without its permission. The bench headed by the CJI also issued notice to the Ministry of Finance and the Group. The petitioner Amrapali Silicon City Flat Owners Welfare Society had approached the court challenging an order of the NCLT that admitted Bank of Baroda’s insolvency petition against Amrapali’s Silicon City project in Noida.