Jaypee Associates seeks SC approval to sell Yamuna Expressway project

In September, the apex court had directed the the real estate firm to deposit Rs 2000 crore by October 27 with its registry and asked the NCLT- appointed interim resolution professional (IRP) to take

Embattled real estate firm Jaypee Associates on Friday sought permission from the Supreme Court to sell its Yamuna Expressway project to raise Rs 2,000 crore to deposit in the Apex Court.

In September, the Apex Court had directed the the real estate firm to deposit Rs 2,000 crore by October 27 with its registry and asked the NCLT- appointed interim resolution professional (IRP) to take over its management and work out a plan to protect the interests of homebuyers and creditors.

The Apex Court, in effect, allowed the insolvency proceedings against Jaypee Infratech to continue but stayed the proceedings initiated against it in other fora like the Consumer Commission.

The top court had on September 4 stayed the insolvency proceedings against the real estate firm at National Company Law Tribunal (NCLT).

Around 32,000 persons had booked flats in the projects of Jaypee Infratech.

Hundreds of home buyers have been left in the lurch after the NCLT, on August 10, admitted the IDBI Bank's plea to initiate insolvency proceedings against the debt-ridden realty company for defaulting on a Rs 526-crore loan, the plea said.

(With agency inputs)