Jaypee Group plans to sell Yamuna Expressway, seeks Supreme Court's permission
Jaypee Group is facing a huge protest from home buyers because of significant delays in delivery of projects Photograph: (Zee News Network)
Jaiprakash Associates, the flagship firm of the debt-ridden infrastructure major Jaypee Group, has sought permission from the Supreme Court to sell the Yamuna Expressway to generate money.
The court had asked Jaiprakash Associates to deposit Rs 2,000 crore to cover its liability towards home buyers of Jaypee Infratech.
The company told the court that it has decided to hive off Yamuna Expressway to another company for Rs 2,500 crore.
The court will hear the matter on October 23.
Jaypee Group is a diversified infrastructure company engaged in engineering, construction or real estate development, manufacture or marketing of cement, hospitality and sports management.
The group is facing a huge protest from home buyers because of significant delays in delivery of projects.
One of the group’s firm, Jaypee Infratech, has been taken over by a National Company Law Tribunal (NCLT)-appointed IRP for the recovery of bad loans.