Jaypee tells SC it wants to sell Yamuna E- way

New Delhi, Oct. 13: Beleagured Jaypee Group on Friday sought the nod of Supreme Court to “hive off” its multi- crore six- lane, 165- kilometrelong Yamuna Expressway connecting Greater Noida with Agra in Uttar Pradesh, to raise funds.

The apex court had on September 11 directed Jaypee Associates, the parent company of Jaypee Infratech, to take prior approval of court if it wished to sell any asset or property to raise funds to the tune of ` 2,000 crore to be deposited by it in the apex court registry by October 27 to pay off troubled home buyers.

A bench of Chief Justice Dipak Misra and Justices A. M. Khanwilkar and D. Y. Chandrachud said it will hear the matter on October 23 after advocate Anupam Lal Das, appearing for Jaypee Group, mentioned the matter for urgent hearing.

He told the court it has an offer worth ` 2,500 crore for the expressway and wants to hive- off the property to another party.

Mr Das said the company needs to raise funds to deposit ` 2,000 crore in the apex court registry for paying the troubled home buyers.

The apex court had on September 11, while hearing a plea of home buyers of Jaypee’s Wish Town project at Noida in Uttar Pradesh challenging the insolvency proceedings initiated against Jaypee Infratech, had restricted the directors of firm from leaving the country.

It had revived insolvency proceedings against Jaypee Infratech Ltd and given its management control to the Interim Resolution Professional ( IRP), appointed by the National Company Law Tribunal, with immediate effect.

The top court had also asked Jaypee Infratech to