New Delhi:
Real estate major Jaiprakash Associates (JAL) on Monday sought permission from the Supreme Court to sell off its multi-crore Yamuna Expressway toll asset rights to generate Rs 2,000 crore that it is supposed to deposit to cover part of its subsidiary Jaypee Infratech’s liability towards 32,000 homebuyers.
While submitting the proposal in a sealed cover, senior counsel Kapil Sibal told a bench led by Chief Justice Dipak Misra that Jaypee Infratech needs approval to “hive off its operation, collection and maintenance rights for a limited period” to raise the funds. He said the group has a “concrete offer” from a prospective buyer who is willing to pay Rs 2,500 crore for the expressway.
Jaypee Infratech has a 37-year licence ending 2050 to operate and maintain the 165-km, six-lane expressway connecting Noida with Agra.
