Jaypee Associates wants to sell Yamuna Expressway to cover its liability towards those who bought homes in projects developed by its subsidiary, Jaypee Infratech Ltd. Photo: MintNew Delhi: 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. Jaypee Infratech has defaulted on Rs526.11 crore of loans outstanding to IDBI Bank. On 11 September, the apex court had directed JAL to deposit Rs2,000 crore with the court to safeguard the interest of homebuyers. The court has restrained the directors and managing directors of Jaypee Infratech and Jaypee Associates from travelling abroad without its permission.

Source: Mint October 23, 2017 16:18 UTC