Jaypee ready to sell Yamuna e-way project

NEWDELHI: The Jaiprakash Associates Limited (JAL) on Friday sought the Supreme Court’s permission to raise funds for constructing flats by “hiving off” its multi-crore six-lane Yamuna Expressway connecting Greater Noida with Agra.

The application moved by the firm asked the court to suspend a directive mandating it to deposit ~2,000crore with the registry by October 27. A previous attempt at deadline extension had been unsuccessful, after the top court on Monday refused to list the firm’s plea for an early hearing.

The parent company of real estate firm Jaypee Infratech Limited, which is facing insolvency proceedings for defaulting on loans to IDBI Bank, said in its application an investor has promised to invest ~2,500crore~3,000crore against the securitisation of toll from the 165-kmlong Yamuna Expressway for a specific period. It offered to provide details of the commitment letter to the court in a sealed cover. JAL also asked the court to allow its subsidiary to deposit ₹ 2,000 crore in an escrow account within four weeks of the expressway being hived off, and sought that the money be used “exclusively for the construction” of flats.

The bench, headed by Chief Justice of India Dipak Misra, agreed to hear the matter on October 23.

The application said both JAL and Jaypee Infratech were resolute in their commitment to hand over the apartments booked by homebuyers. According to the details provided, Jaypee Infratech delivered 1,138 flats between April and September, besides 2,942 that were handed over earlier. Another 1,862 are expected to be completed by December.