JP Associates seeks to sell Yamuna Expressway to compensate homebuyers
Jaypee Associates Ltd (JAL) on Monday submitted its proposal to sell the 165km Yamuna Expressway before the Supreme Court. The company needs to raise funds to deposit Rs2,000 crore by 27 October to cover its liability towards those who bought homes in projects developed by its subsidiary, Jaypee Infratech Ltd. The firm said it has a prospective buyer who was willing to pay Rs. 2,500 crore for the expressway.
The Supreme Court on Monday asked Jaiprakash Associates to provide the proposal for raising money to the insolvency resolution professional, the Insolvency and Bankruptcy Board of India, IDBI Bank and the Attorney General. The case has now been listed for hearing on October 25.