Jaypee Associates submits proposal of Yamuna Expressway sale to Supreme Court

Recently, the Supreme Court asked Jaypee Associates whether the six-lane, 205 km long Yamuna Expressway, connecting Greater Noida with Agra in the state of Uttar Pradesh belongs to a Jaypee Group firm which they are planning to sell off. A bench comprising of Chief Justice Dipak Misra, Justices A M Khanwilkar, and D Y Chandrachud asked the question to Jaypee Associates after the IDBI Bank's counsel raised an objection to the proposal for sale of Yamuna Expressway by Jaypee Group. The court was hearing the plea of Jaypee Group, where it asked for permission of the court to sell off Yamuna Expressway to raise funds. The Jaypee Group's, counsel Kapil Sibal informed the court that Jaypee group has an offer worth Rs 2,500 cr for selling the property. However, the counsel appearing on behalf of IDBI Bank, opposed Jaypee's contention and said they can't be allowed to sell-off the Yamuna Expressway as it does not belong to Jaypee which has approached the court for permission. The bench asked Kapil Sibal to clarify whether the property belongs to Jaypee Associates. Jaypee Group counsel further argued that the prime concern of the developer was that the homebuyers who had booked flats in their housing projects should get their flats. He also added that the money raised from the sale of Yamuna Expressway will be used in completing the incomplete housing projects and delivery of possession to the homebuyers. Whereas, the IDBI Bank counsel pointed out that the September 11 order where the Supreme Court asked the Jaypee Associates to deposit Rs 2,000 crore by October 27. The bench, after hearing the brief submissions, asked Senior advocate Kapil Sibal to hand over a copy of the proposal to Attorney General K K Venugopal. The court scheduled the next hearing on October 26.