In a setback to real estate giant Jaypee Infratech Ltd (JIL) which was directed to deposit Rs 2,000 crore to protect homebuyers liability, the Supreme Court on Wednesday turned down its plea to sell or hive off it’s Yamuna Expressway project to raise the money.

SC had on September 11 directed the company to deposit the amount by October 27 to protect the interest of around 22,000 homebuyers in its various residential projects across the country. Finding it difficult to raise the money, the company had approached the court seeking its permission to hive off Yamuna Expressway project which is owned by its parent company Jaiprakash Associates Ltd (JAL).

A bench of Chief Justice Dipak Misra, Justices A M Kahanwilkar and D Y Chandrachud, however, refused its plea after it was opposed by Centre and consortium of lender banks led by IDBI which contended that the property belonging to JAL which was facing insolvency proceedings. It, however, extended the deadline to November 5 for the company to deposit the amount.

“We are not inclined to entertain the application for modification of the order dated September 11, 2017. However, we extend the time to deposit the sum of Rs 2,000 crores (Rupees two thousand crores) till November 5, 2017. The interlocutory application is, accordingly, disposed of,” the bench said.

As carried in TOI