Realtor Jaiprakash Associates Ltd (JAL) has sought approval of the Supreme Court on a revival plan for its subsidiary Jaypee Infratech Ltd (JIL), including an offer of Rs. 1,000 crore credit from an Indian Bank.
Maintaining that it was “fully committed” to construct homes and make payments to homebuyers for delay in handing over possession, JAL has also sought the constitution of a committee to consider its proposal for revival of its subsidiary JIL.
In an application filed in the apex court, JAL has also sought permission to monetise or create security of some of its assets to enable the company to comply with the orders of the court.
JAL has said it has been able to “tie up appropriate financial arrangement and adequate support letter of reputed bank to competently implement resolution/revival of JIL which will inter alia include infusion of Rs. 1,000 crore and financial arrangement to infuse another Rs. 2,500 crore in JIL, as per the requirement, by monetising the revenue/toll collection of Yamuna Expressway“.
It has said that the court may constitute a committee, comprising of lenders of JIL and home buyers represented through the amicus curiae (friend of the court), under the aegis of a retired apex court judge and permit JAL to submit its revival plan of JIL.
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