Jaypee Associates, the parent company of Jaypee Infratech, had earlier been asked by the apex court to deposit Rs 2,000 crore with the Supreme Court registry by October 27 for paying troubled homebuyers.
Under fire from the Supreme Court for failing to reimburse the money that it collected from homebuyers but deliver the promised flats, the Jaypee Group on Friday informed the Supreme Court that it wants to sell the Yamuna Expressway to generate money to pay homebuyers.
During hearing of a plea by over 40 homebuyers of Jaypee Wish Town project at Noida in Uttar Pradesh, who have challenged certain provisions of the Insolvency and Bankruptcy Code, 2016, the counsel for Jaypee Associates told the bench headed by Chief Justice Dipak Misra that it has an offer worth Rs 2,500 crore and sought permission of the court to give the project to another party.
The bench, also comprising Justices AM Khanwilkar and DY Chandrachud, said it will hear the matter on October 23.
Jaypee Associates, the parent company of Jaypee Infratech, had earlier been asked by the apex court to deposit Rs 2,000 crore with the Supreme Court registry by October 27 for paying troubled homebuyers.
Earlier, on September 11, the top court had revived insolvency proceedings against Jaypee Infratech Ltd and given its management 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 and asked its parent company, Jaypee Associates, to deposit Rs 2,000 crore with the registry to safeguard the interest of the home buyers.
The 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 homebuyers and creditors.
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