(Eds: With additional details)New Delhi, Oct 13 (PTI) Beleagured Jaypee Group todaysought the nod of Supreme Court to "hive off" its multi-croresix-lane, 165-kilometre long Yamuna Expressway connectingGreater Noida with Agra in Uttar Pradesh, to raise funds.
The apex court had on September 11 directed JaypeeAssociates, the parent company of Jaypee Infratech, to takeprior approval of court if it wished to sell any asset orproperty to raise funds to the tune of Rs 2000 crore to bedeposited by it in the apex court registry by October 27 topay off troubled home buyers.
A bench of Chief Justice Dipak Misra and Justices A MKhanwilkar and D Y Chandrachud said it will hear the matter onOctober 23 after advocate Anupam Lal Das, appearing for JaypeeGroup, mentioned the matter for urgent hearing.
He told the court it has an offer worth Rs 2,500 crorefor the expressway and wants to hive-off the property toanother party.
Das said the company needs to raise funds to deposit Rs2000 crore in the apex court registry for paying the troubledhome buyers.
The apex court had on September 11, while hearing a pleaof home buyers of Jaypee's Wish Town project at Noida in UttarPradesh challenging the insolvency proceedings initiatedagainst Jaypee Infratech, had restricted the directors of firmfrom leaving the country.
It had revived insolvency proceedings against JaypeeInfratech Ltd and given its management control to the InterimResolution Professional (IRP), appointed by the NationalCompany Law Tribunal, with immediate effect.
The top court had also asked Jaypee Infratech to handover records to the IRP for drafting a resolution plan,indicating protection of interests of over 32,000 hassled homebuyers and creditors.
The apex court while passing slew of directions hadstayed any other proceedings instituted against the companyfor any purpose in any forum like the consumer commission, asIRP has been given control of the company's management.
The court had then said it was not concerned about theinterest of company but of the hassled home buyers, who mostlybelong to the lower and middle-class strata.
"Home buyers need to be protected. It's our duty andthey should either get the money back or the flat," the courthad said while asking IRP to submit a resolution plan onhow the money can be given back to home buyers in 45 days.
The group had told the court that it was not like anyother company and they have debt of only Rs 9000 crore andassets worth Rs 17,000 crore and, even in distress, theproperties would cost Rs 15,000.
Flat buyers, under the Insolvency and Bankruptcy Code of2016, do not fall in the category of secured creditors likebanks and hence they can get back their money only ifsomething is left after repaying the secured and operationalcreditors, one of the pleas filed by some home buyers said.
Hundreds of home buyers have been left in the lurch afterthe NCLT, on August 10, admitted the IDBI Bank's plea toinitiate insolvency proceedings against the debt-ridden realtycompany for defaulting on a Rs 526 crore loan, the plea said.
PTI MNL PKS ABA RKSARC.
This is unedited, unformatted feed from the Press Trust of India wire.