Allahabad High Court Denies Jaypee’s Interim Plea To Sell Land For Clearing Dues When Allotment Stands Cancelled By Yamuna Expressway Authority

The Court was hearing Jaypee's challenge to the cancellation of allotment. The Allahabad High Court has declined the proposal of M/s Jai Prakash Associates to sell off certain portion of the 1,000 hectares land earlier allotted to it under the Special Development Zone Project in the Yamuna Expressway Development Area, for clearing the dues of YEIDA. An interim order was granted in subject to the terms below: “ Petitioner-M/S Jai Prakash Associates Ltd. shall deposit Rs.100 crores with respondent-2 within one month but in two parts. Similarly, if first instalment of Rs.50 crores is paid but default is committed in compliance of direction with respect of payment Rs.50 crores payable upto 25th of March, 2020, in that case also interim protection granted by this Court shall stand automatically vacated and respondents shall be free to proceed further.” At the present stage, Counsel for Petitioner presented a composite settlement proposal before the Court. and Another Case Citation: 2023 LiveLaw 222 Appearance: Senior Advocate Jayant Bhushan assisted by Advocates Vishal Gupta, Rohan Gupta and Amartya Bhushan- counsel for the petitioner; Senior Advocate Manish Goyal assisted by Advocates Syed Imran Ibrahim, Praveen Kumar, Pranav Tanwar, Gaurav Tripathi- counsel for YEIDA; Advocate Rahul Agrawal- counsel on behalf of intervener-banks; Senior Advocate Anoop Trivedi assisted by Advocate Abhinav Gaur for Home Buyers Association; Advocate Anuj Bhandari- counsel for individual home buyers.