NEW DELHI: Attorney General KK Venugopal on Tuesday strongly opposed in the Supreme Court a proposal by Jaiprakash Associates to hive off the Yamuna expressway to a Singapore-based company to raise Rs 2,000 crore it had been asked to deposit to meet refund demands by homebuyers for projects. Technically, the Yamuna Expressway is owned by its subsidiary Jaypee Infratech, which is currently facing insolvency proceedings before the National Company Law Tribunal (NCLT) at the behest of a consortium of banks, to which it owes over Rs 9,000 crore as debt.
The consortium is led by IDBI bank. The deadline for depositing Rs 2,000 crore is November 5. Till then the court has restrained company directors from travelling abroad. After that the pa…
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