Jaiprakash Associates Ltd. today submitted before the Supreme Court a proposal to hive off its Yamuna Expressway project to raise Rs 2500 crore that it has to deposit to cover its liability towards homebuyers of Jaypee Infratech Ltd.
The apex court has asked the company to also submit this proposal to the Attorney General of India and the Insolvency Resolution Professional.
On September 11, the apex court had directed Jaiprakash Associates, the parent company of Jaypee Infratech to deposit Rs 2,000 crore in the court by October 27 to safeguard the interest of homebuyers, adding that any property to be sold by them would have to be approved by the court. The courts directive came as it was hearing pleas filed by homebuyers of Jaypee I…
Read the full article at: https://www.bloombergquint.com/business/2017/10/23/jp-associates-seeks-to-sell-yamuna-expressway-to-compensate-homebuyers
