Jaypee Homebuyers: Jaiprakash Associates wants to sell Yamuna Expressway for Rs 2,500 crore
The court was told that the company had a prospective buyer who was willing to pay Rs2,500 crore for the project.
Jaiprakash Associate on Friday moved to Supreme Court asking permission to sell its Yamuna Expressway in order to tackle it's subsidiary Jaypee Infratech's debt.
A Livemint report stated that the matter was brought before a bench headed by Chief Justice Dipak Misra. The court was told that the company had a prospective buyer who was willing to pay Rs2,500 crore for the project.
Following this, share price of JP Associate surged over 4%, after ending at Rs 19.75 per piece on BSE.
While Jaypee Infratech jumped by nearly 6% on Friday's trading. However it ended at Rs 14.29 per piece above 2.29%.
On September 11, 2017, the apex court restored the National Company Law Tribunal (NCLT) insolvency proceedings against Jaypee Infratech that were stayed on September and also expedited the process.
The court asked JP Associate to deposit Rs 2,000 crore by October 27. Also banned the directors and promoters of the defaulting company from travelling abroad without prior permission.
IDBI Bank, on September 4, filed a petition before the Supreme Court seeking modification in the stay order on NCLT's insolvency proceedings against Jaypee Infratech.
On September 04, SC provided relief to 32,000 home buyers by putting NCLT's insolvency proceeding on hold against Jaypee Infratech.
Jaypee Infratech has defaulted loan amount of Rs 526.11 crore against IDBI.