Jaypee homebuyers write letter to IRP for protection of their interest in selling off Yamuna Expressway

Jaypee homebuyers write letter to IRP for protection of their interest in selling off Yamuna Expressway
26/10/2017 , by , in News/Views

The homebuyers of Jaypee Wish Town project in Noida have written a letter to the insolvency resolution professional appointed by the National Company Law Tribunal (NCLT) claiming that Jaypee Infratech has spent a minimum amount of Rs 10,237 crore towards the construction and development of the Yamuna Expressway. According to the homebuyers, Jaiprakash Associates’ proposal to significantly undervalue the Yamuna Expressway and hive it off for Rs 2,500-3,000 crore will harm their interests.

Home buyers also claimed that Jaiprakash Associates has received fraudulent payments of about Rs 7,619.70 crore for the construction of 165-kilometer Yamuna Expressway, at the rate of Rs 46.18 crore per kilometer. The home buyers also requested the IRP to make sure that no liabilities of Jaypee Infratech exist towards banks and financial institutions after the proposed hiving off.

Home buyers requested the IRP to ensure that the entire proceeds from the securitization of tolls and hiving off of the Yamuna Expressway should be deposited with the Supreme Court or in an escrow account designated by the Supreme Court for the benefit of the home buyers. The letter was also sent to the two court-appointed professionals namely Shekhar Naphade and Shubhangi Tuli.

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