Want to 'hive off' Yamuna Expressway project, Jaypee tells SC

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The embattled Jaypee group today informed the Supreme Court that it wants to "hive off" the multi-crore Yamuna Expressway in order to generate money.

Jaypee Associates told the apex court that it has an offer worth Rs 2,500 crore and sought permission to give the project to another party.

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.

Jaypee Associate, the parent company of Jaypee Infratech, had earlier been asked by the apex court to deposit Rs 2,000 crore with the Supreme Court registry by October 27 for paying troubled home buyers.

The court was hearing a plea by over 40 home buyers of Jaypee Wish Town project at Noida in Uttar Pradesh who have challenged certain provisions of the Insolvency and Bankruptcy Code, 2016.

The apex court had on September 11 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.

It had restrained the managing director and directors of the company from travelling abroad without permission and asked its parent company, Jaypee Associates, to deposit Rs 2,000 crore with the registry to safeguard the interest of the home buyers.

The top court had also asked Jaypee Infratech to hand over records to the IRP for drafting a resolution plan, indicating protection of interests of over 32,000 hassled home buyers and creditors.