Photo: jalindia.com
JAL submits plan in SC for hiving off JIL’s Yamuna Expressway

Posted: Jul 13, 2018     By Avishek Dubey

The Jaiprakash Associates Ltd (JAL) on Friday submitted a plan in the Supreme Court for hiving off Jaypee Infratech Ltd’s (JIL) Yamuna Expressway and certain cement assets of JAL.

Further, the JAL wanted the removal of resolution professional. They also wanted that JIL should again be brought under JAL’s control. With respect to the Supreme Court allowing the hiving off, JAL was willing to submit cheque of Rs 600 crore to the Supreme Court Registry.

Pramod Kumar, a JP buyer, said, “The SC said that Yamuna Expressway is the property of JIL and therefore JAL has no business to deal with the same. So, JAL’s plan is a piece of paper and does not have any financial backing.”

The plan was also opposed by IDBI Bank and the Supreme Court did not accept JAL’s plan consequently.

"The Supreme Court should also look into the concerns of possession seekers who constitute 92 per cent of the total homebuyers of JIL. Extension of insolvency resolution process and invitation of revised bids is the way forward,” another buyer said.

“It should be like the Amrapali’s judgement by the honourable bench which had a view to convince them that the Supreme Court can resolve the concerns of possession seekers. Our focus is on induction of a credible third party promoter like Suraksha or Cube,” he added.

The Supreme Court had posted the matter on July 16 for the next hearing. The Supreme Court has also said that each counsel will be given 5 minutes to present their arguments in the hearing on July 16.

In the meantime, we will continue to put our efforts towards garnering the support of other stakeholders in the matter so that a credible third party with financial strength is inducted as a promoter of JIL.

TAGS: Jaiprakash Associates Ltd / Jaypee Infratech Ltd / Yamuna Expressway / Supreme Court on Jaypee / Noida news