NEW DELHI: In a setback to real estate giant Jaypee Infratech Ltd (JIL) which was directed to deposit Rs 2,000 crore to protect homebuyers liability, the Supreme Court on Wednesday turned down its plea to sell or hive off it's Yamuna Expressway project to raise the money. SC had on September 11 directed the company to deposit the amount by October 27 to protect the interest of around 22,000 homebuyers in its various residential projects across the country. It, however, extended the deadline to November 5 for the company to deposit the amount. However, we extend the time to deposit the sum of Rs 2,000 crores (Rupees two thousand crores) till November 5, 2017. The applicant has been able to secure a commitment of an investor who has committed to invest Rs 2,500-3,000 crore against securitisation of toll from the Yamuna Expressway for a defined period.

Source: Times of India October 25, 2017 16:35 UTC