The company wants to raise Rs 20 billion from this stake sale for depositing the amount in the court with regard to a plea by homebuyers against its subsidiary Jaypee Infratech.
New Delhi : Jaiprakash Associates Ltd Friday moved the Supreme Court, seeking permission to sell its holding in the 165-km Yamuna Expressway to raise the 20 bln rupees it needs to deposit with the court with regard to a plea by homebuyers against its subsidiary Jaypee Infratech Ltd. On Sep 11, the apex court had directed the company to deposit 20 bln rupees with the court by Oct 27 to safeguard the interest of homebuyers. The court had said that any property to be sold by the company will have to be approved by the court.
The case emanates from a plea by Noida-based homebuyers of Jaypee Infratech opposing the insolvency proceedings against the company, saying that the process initiated in the National Company Law Tribunal will not protect their interests. In the National Company Law Tribunal, Allahabad, the plea was initiated by IDBI Bank Ltd, which was trying to recover 5.2 bln rupees from the company. In the apex court, Jaiprakash Associates was made a party in the plea. The apex court has already appointed a panel to streamline thousands of applications filed by homebuyers of Jaypee Infratech projects across Noida and Greater Noida.
In the court, it has emerged that the company has not delivered flats to more than 10,000 homebuyers in various projects.
